Companies that saw the largest increase in the value of their fundraisers also had the highest volumes of media coverage, with the companies producing most media coverage seeing more than a 30% increase in funds between the first fund raising event and the Series B, a report reveals.

The ‘Coverage and capital’ report, carried out by PR agency Hard Numbers and media intelligence company CARMA, found that firms which saw an increase in funding between first funding round and their series B of greater than a 5,000% generated an average of 206 pieces of coverage. This compares to an average of 176 pieces of coverage for businesses which saw a medium increase in the funds they raised.

The impact of media coverage on fund raising was most pronounced within B2C, with half of the top 20 companies by total coverage volume being either B2B or B2C fintech.

“Fundraising is one of the hardest parts of the growth journey, so greater visibility amongst potential investors can only be a good thing. We hope that our research helps those in a PR, marketing and growth function at any Series A funded business to make the case for prioritising, and allocating budget to, PR and communications from an early stage,” says Darryl Sparey, co-founder of Hard Numbers says.

“Data analysis should empower PR and comms professionals to demonstrate value, make informed decisions and optimise strategy. It doesn't have to be complicated,” adds Richard Bagnall, co-managing partner of CARMA.