Socialware, the leader in social media compliance and engagement, today announced that CrunchFund, founded by tech industry veterans Michael Arrington, Patrick Gallagher, and MG Siegler, will join other investors in a $7M series C round of funding. While CrunchFund was founded to invest in promising early stage startups, the investors see great potential in Socialware’s grasp on the importance of personal interaction in social business initiatives.
“Many companies miss the mark by only leveraging social media to elevate the company brand, but personal relationships are at the core of social networks. People have relationships with people, not brands,” said Patrick Gallagher, General Partner at CrunchFund and former principal with VantagePoint Venture Partners. “Socialware makes social networks work for business by enabling employees, who were once prohibited from accessing social networks, to build more meaningful relationships with less risk. The role of Socialware is instrumental as businesses start to recognize the true value of social media in a relationship economy.”
Socialware provides software and services designed to facilitate relationship building and information exchange via social networks such as Facebook, LinkedIn and Twitter. With the control and visibility Socialware provides, companies can confidently empower the work force and employees can identify new and strengthen existing relationships through their social networks.
“We exist in a relationship-driven economy where value is derived from and measured by meaningful connections between individuals. Companies that find ways to tap into the immense visibility that social networks can reveal about those connections will emerge as leaders in the social frontier,” said Chad Bockius, CEO at Socialware. “We’re helping companies move from a command and control approach of social to a democratic one that accelerates an employee’s ability to create authentic and valuable online relationships.”
Socialware saw triple digit customer, revenue, and employee growth in 2011 and plans to leverage the funding to continue developing solutions that will allow businesses to capitalize on the evolution of social media. Current Socialware investors also include FLOODGATE, G-51 Capital, Morgan Stanley Expansion Capital and Silverton Partners.