San Francisco's Premise nabs $11M in Series B round to track prices of food staples

By VCPOST Staff Reporter

Mar 14, 2014 08:09 AM EDT

Economic data monitoring firm Premise has raised $11 million in its second round of funding which was led by Social+Capital Partnership. The latest round brings the startup's total raised capital to $16.5 million, according to TechCrunch.

Previous investors Google Ventures, Bowery Capital, and Harrison Metal also participated in the said round. Under the terms of the deal, Social+Capital founder Chamath Palihapitiya will become part of Premise's board, the report detailed.

Palihapitiya explained the concept of Premise: "Data can help solve the growing imbalance in the world. If governments had more flexible ways of relaying real-time data to markets, those markets can, at a minimum, act more purposefully in allocating dollars and resources. It's insane to think that financial markets make $3 trillion of spending decisions on inflation data that invariably turns out to be inaccurate or wrong...with Premise we can provide a real-time, on the ground truth to help make more informed decisions."

Founded by David Soloff and Joe Reisinger, Premise serves as a way for enterprises and governments to gather economic data from the US, Europe, Asia, and Latin America. Its Global Inflation Monitor and Food Security Monitor tracks price changes in products, services, and food staples in different countries. The best thing about Premise is the availability of real-time data from both online and on-the-ground sources, TechCrunch reported.

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