L2 Raises $16.5m to Extend Digital IQ Index

New York-based business intelligence (BI) firm L2 has raised $16.5m in venture capital, which it will use to speed up development of its brand measurement tool the 'Digital IQ Index' and to expand the firm's presence across Europe, Asia, and Latin and North America.

L2 uses proprietary research and tools to give managers a view of a brand's digital performance, and currently tracks more than 5,000 global brands in the prestige and consumer sectors. The Digital IQ Index measures a brand's 'digital competency', assessing digital marketing, mobile and social media strategies. Founder & CEO Scott Galloway is also a founder of Prophet Brand Strategy, a global brand consultancy employing 350 people.

New funding has been led by General Catalyst Partners, of whom Galloway says: 'We wanted to partner with other entrepreneurs and a firm with a record of helping companies deploy technology to reshape markets. General Catalyst brought both.'

Web site: www.l2thinktank.com .