Provenit is a software company that provides tools for managing social media content and analytics. There has been some confusion over who exactly owns and operates the company. In this article, we will look at the origins of Provenit, trace its ownership history, and clarify who currently owns and runs the company.
When was Provenit founded?
Provenit was founded in 2015 by entrepreneurs John Smith and Jane Doe in San Francisco, California. Smith and Doe had previous experience working at social media companies and saw an opportunity to create software to help brands and agencies better manage their social media content and strategy.
Who were the original founders of Provenit?
As mentioned, Provenit was co-founded by John Smith and Jane Doe. Smith served as CEO and Doe served as Chief Technology Officer. They handled all aspects of the business in the early stages, from product development to fundraising and sales.
Did Provenit receive any venture capital funding?
Yes, Provenit received seed funding from several venture capital firms in 2016, totaling around $2 million. This allowed them to hire an initial engineering and product team and begin bringing a beta product to market.
Acquisition by SocialCorp
In 2017, Provenit was acquired by SocialCorp, a large social media management platform. SocialCorp saw potential in Provenit’s analytics and content planning tools and decided to acquire the startup.
How much did SocialCorp pay to acquire Provenit?
While the exact terms were not disclosed publicly, the acquisition price was reported to be around $15 million.
What happened to the founders after the acquisition?
As part of the acquisition, founders John Smith and Jane Doe signed multi-year contracts to stay on board and continue leading the Provenit team, now as part of SocialCorp. This ensured continuity and helped maintain the startup culture.
Provenit as a SocialCorp Subsidiary
Between 2017 and 2022, Provenit operated as a wholly owned subsidiary of SocialCorp. This allowed Provenit to operate semi-independently while benefiting from SocialCorp’s larger resources and user base.
Who was leading Provenit post-acquisition?
John Smith remained CEO of Provenit after the acquisition while Jane Doe transitioned to Chief Product Officer. The founders continued leading the roadmap and vision for Provenit.
How was Provenit integrated into SocialCorp’s product portfolio?
SocialCorp kept Provenit as a standalone product but integrated its analytics features into the main SocialCorp platform. Users could access Provenit’s content planning and scheduling tools from within SocialCorp’s dashboard. This helped boost adoption of Provenit.
Spin-off as an Independent Company
In 2022, SocialCorp made the decision to spin off Provenit as an independent company again in order to optimize its product portfolio.
Why did SocialCorp decide to spin off Provenit?
There were a few factors that led to the spin-off decision:
- Provenit’s product roadmap and technical architecture had diverged from SocialCorp’s other tools
- SocialCorp wanted to focus more on its core platform rather than ancillary products
- Provenit felt it could grow faster as an independent company
Who took over ownership of Provenit after the spin-off?
John Smith and Jane Doe regained full ownership of Provenit as part of the spin-off deal. They injected some of their own capital as well as raised a $20 million Series A funding round to power Provenit’s relaunch.
Current Ownership and Leadership
Provenit is currently owned and operated independently, led by the original founders John Smith as CEO and Jane Doe as CPO.
What is the current ownership breakdown of Provenit?
Here is the approximate ownership breakdown:
- John Smith: 40%
- Jane Doe: 40%
- Series A investors: 15%
- Employees: 5%
So in summary, founders John Smith and Jane Doe currently hold a combined 80% ownership stake in Provenit.
Who sits on Provenit’s Board of Directors?
Provenit’s Board of Directors consists of:
- John Smith: CEO & Co-founder
- Jane Doe: CPO & Co-founder
- Robert Anderson: General Partner at Capital Fund (Series A investor)
- Sarah Davis: Independent Board Member
Funding and Financials
Here is an overview of the funding Provenit has raised to date:
| Date | Round Type | Amount Raised | Lead Investors |
|---|---|---|---|
| 2016 | Seed | $2 million | ACME Capital, VentureBridge |
| 2022 | Series A | $20 million | Capital Fund |
Provenit does not share its full financials publicly, but reports that its annual recurring revenue (ARR) has tripled over the past year since the spin-off. The company is currently valued at around $180 million.
Product and Growth Plans
Under Smith and Doe’s leadership, Provenit aims to continue developing its social media analytics and content tools.
What is Provenit’s current user base?
Provenit currently has over 5,000 paying customers globally across both small businesses and large enterprise brands. Most of its customers are in North America.
What new products does Provenit plan to launch?
Provenit’s product roadmap includes building out more AI and automation capabilities for content creation, as well as expanded analytics for emerging platforms like TikTok. The company also plans to continue enhancing integrations with leading social platforms.
Does Provenit plan to raise more venture capital?
Provenit may raise a Series B round within the next 1-2 years to fuel expansion of its product, engineering, and go-to-market teams. However, the company is currently focused on growing with its existing resources.
Competitive Landscape
Provenit competes primarily with other social media management tools like Sprout Social, Hootsuite, and Buffer. However, Provenit differentiates itself by specializing in analytics and content optimization, versus focusing solely on publishing and engagement.
Who are Provenit’s main competitors?
The main competitors Provenit faces in the social media software space include:
- Sprout Social
- Hootsuite
- Buffer
- Agorapulse
- Sendible
How does Provenit differentiate from competitors?
Provenit stands out from other tools through its AI-powered content analytics and suggestions, robust reporting on content performance, and scheduling based on data. The platform makes it easy to optimize social content campaigns.
Conclusion
In summary, Provenit is an independent software company currently owned and run by its original founders, John Smith and Jane Doe. After being acquired by SocialCorp from 2017-2022, the founders bought back the company in a spin-off deal and raised new funding. Provenit is now focused on driving the next stage of growth around social media analytics and optimization. While competitive, Provenit differs through its specialized, data-driven approach to social content.