Tuesday, June 2, 2015

CliqSearch raises $1M from angel investors

The Center City tech firm will use the funding to support the launch of its service that helps people find local businesses by analyzing connections among friends and followers on social media.

CliqSearch raises $1M from angel investors

CliqSearch, a Center City technology firm, raised about $1 million from several private angel investors to support the launch of its online service to help people find local businesses.

Founded by Alex Pooyan Khorram, who grew up in Newtown Square, CliqSearch uses social network data, such as Facebook Likes, Twitter Followers and Foursquare Check-Ins, shared by friends and "friends of friends" to help prospective customers make purchasing decisions.

"We're social network agnostic," Khorram said.

He would not identify his investors, but did say that their backgrounds were in technology and telecommunications services.

In other financing news, Philadelphia's Osage Venture Partners was one of the investors in a $4 million round raised by a North Jersey IT company.

Identropy, of Moonachie, N.J., will use the money to fund growth of its outsourced IT security services. Used by more than 120 clients, Identropy's cloud-based "identity management" tools are aimed at companies that employ 1,000 to 20,000 people and need to control access to information and software tools.

Besides Osage, Milestone Venture Partners, of New York City, participated in the investment round.

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Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist