Spredfast, a leading social media management system provider, today announced it has raised $12 million in Series B funding led by InterWest Partners. Also participating in the round is Austin Ventures, the lead investor of the company’s $3.6 million Series A round. Spredfast plans to use the funding to expand its industry-leading platform that helps companies better manage engagement and conversion across all major social channels, including Facebook, Twitter, LinkedIn, YouTube, blogs and Foursquare.
“The pace of customer engagement on social channels is picking up for every company. We are helping companies bring more brands, more functions and more geographies onto the social business platform every day,” said Rod Favaron, CEO at Spredfast. “This market is only getting started. We are excited to be able to accelerate our product roadmap and company growth targets to help our enterprise customers succeed.”
Spredfast’s social business software provides a unified platform for enterprises and agencies to manage, monitor and analyze their social media programs for improved business results. In recent months, the Spredfast social business platform has expanded to offer Facebook tab management capabilities for companies focused on page engagement, added new enhanced security options for regulated industries, and continued to lead the market in adopting new social channel capabilities like pictures in Twitter and post targeting within Facebook.
With a broad roster of leading enterprises and digital agencies, Spredfast recently announced the addition of new customers including Warner Brothers, Wells Fargo, PNC Bank, Fireman’s Fund, AARP, and Coty. Strong support continued with digital agencies including Again Interactive, Best Rank, Harbinger and Digital Influence expanding their engagements with Spredfast.
“Every company is wrestling with the challenges of becoming a more social business. This means giving customers more ways to engage with you,” said Doug Pepper, General Partner at InterWest. “Spredfast has really helped shape this market for enterprises – delivering innovative management, analysis and integration capabilities not available anywhere else. We are excited to be part of the next round of innovation in this market.”
“As an early investor in Spredfast, we are pleased to see its continued company growth and consistent delivery of product innovation that’s truly driving how the enterprise will manage and engage in social,” said Mike Dodd, Partner at Austin Ventures. “Looking forward to the next round of innovation in social business – around conversion, attribution and other key business metrics – Spredfast is perfectly positioned to help companies get value, not just engagement, from their social activity.”
Doug Pepper will join Rod Favaron, Mike Dodd and founder Ken Cho on the Spredfast Board of Directors.