Swedish Startup Space

Twintip invests $355.000 in listening to your Facebook feed

Written by on October 23, 2015

The Swedish startup makes it possible for companies to find out everything that’s written about them openly on Facebook.

The company’s co-founder Nikola Teofilovic gives an example of how the company-service can be used.

“When we studied the telecom business, and cash cards specifically, we saw a clear trend of users expressing a need to load their cards for the weekend, already on Wednesday. On thursday the users parent’s talk about actually loading the cards. The solution was to shift the marketing focus to Thursdays”, he says.

To be able to do this kind of analysis, Twintip has invested $355.000 in buying Facebook data from American company Datasift, a well-renowned player in the data collection industry.

Twintip has also hired three more people to develop and sell the product that’s based on the data. The company has not raised any venture capital and is instead funded solely by the owners themselves.

Co-founder Kristofer Ljungdahl says that the greatest advantage with buying the data is that Facebook’s user base of 1.5 billion people is the largest survey of people’s behavior in the world, which on top of that is happening in real-time.

“Nothing can be compared with it. You can sort by gender, age, interests, and other customizable parameters for this entire group through Facebook, and you can find out what they are talking about right now. This is not possible on Twitter for instance, and definitely not through traditional customer surveys”, he says.

But aren’t the users creeped out by the fact that you have all this information?

“That is the first question all customers ask us. The entire debate surrounding NSA has of course made everyone worried regarding any performance which is offensive to integrity. What is worth remembering at that point is that this data is completely anonymous. You see target groups, not individuals. People’s identity-data is removed before it even leaves Facebook’s servers and reach Datasift”, Kristofer Ljungdahl says.

Invasion of privacy, or not – the issue will certainly be debated. What’s worth noting regardless is that status updates and posts on Facebook-pages are picked up by Datasift, while private conversations in the Facebook Messenger-app is not.

Twintip Insights will begin selling their analytical service, above all to large consumer companies that want to know what customers think about them.

“We do not want to be another company producing reports which no one is reading. We want to give tangible recommendations of the kind: ‘this is what you should do’, based on the data we have. With it, our belief is that we can become essential for all larger companies”, Nikola Teofilovic says, who has experience as Head of Business Development for the internetprovider Be Unlimited. It was the first company to launch 24 Mbps internet in Britain and was later sold to 02 for £50 million.

Nikola Teofilovic has a background as CEO for Swedish shopping portal Torget, among other things, and business developer at opinion site Reco.

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