A new product gives startups access to a venture capital firm's own data team – even if it's not a portfolio company.
On Tuesday, Miami's TheVentureCity launched Growth Scanner, a free tool that provides data analysis to help a startup find its product-market fit. The software looks at metrics such as retention, engagement and growth accounting to identify core customers and guide founders as they make strategic business decisions.
Most early-stage startups do not have the resources to support a data team that could provide similar insights, said TheVenture City Founder and CEO Laura González-Estéfani.
“They might only focus on revenue and number of users at investor meetings, which can be exaggerated or bought, while ignoring statistics on user engagement and retention — which are the true signals that reveal the potential for hyper-growth," she added.
Startups must upload at least six months of data to receive a custom analysis of user metrics, strengths, weaknesses and comparisons to similar businesses in their industry. That data, which the company says is not shared with third parties, is presented to startups in a shareable dashboard with numbers and charts that can aid founders during presentations with investors.
In addition, every startup that uses Growth Scanner can receive a 30-minute call with data experts from TheVentureCity to discuss the findings.
Headquartered in Miami, TheVenture City is an early-stage venture fund that invests in startups in the U.S., Europe and Latin America. Before starting the firm, CEO González-Estéfani was the director of international banking and partnerships for Facebook.
According to its website, Growth Scanner is already being used by startups such as home rental website Spotahome and logistics platform SimpliRoute, based in Chile. In a testimonial posted online, SimpliRoute founder and CEO Álvaro Echevarría said Growth Scanner helped the company identify which areas of the business it needed to invest in to grow.
Now, "it’s helping us become series B ready with critical advice on how to develop our data warehouse," he said.
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