Spredfast Raises $18M Series C

It was a year and a half ago that Spredfast raised their $12M Series B round, and today the company announced an $18M Series C round. The round was led by OpenView Venture Partners, with follow-on investment participation from existing investors Austin Ventures and InterWest Partners.  The funding comes as Spredfast reports 400 percent revenue growth and a doubling in employee headcount in 2012.  The company plans to use the capital to fuel continued investment in its technology platform and to grow the team to support increased adoption of its social marketing platform.

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With large companies now managing social programs across dozens of brands, localities and countries, the need for a robust technology solution that gives enterprises an efficient, effective way to manage their social interactions has never been greater.  Spredfast’s Social Engagement Index shows that the average large company now manages social activity across 21 groups and nearly 100 social accounts.  At the same time, social has become an integral part of the marketing mix and now commands larger budgets, driving the need for trusted mechanisms to tie social programs to business outcomes.

Spredfast offers the only social marketing platform designed to serve the evolving needs of leading brands.  The company works with many of the world’s top companies and agencies to help them monitor, coordinate and measure social media with one robust platform.

“For the past few years we have been tracking the social media management space and believe the market is at an inflection point. Companies are no longer concerned with Likes, but rather with building real customer engagement and value across their social networks,” said Adam Marcus, Managing Director at OpenView Venture Partners.  “We believe Spredfast has built the only true enterprise-class product to help the Fortune 1000 manage this incredibly important channel. We couldn’t be happier to partner with this tremendous team to build a category-defining company.”

About Bryan Menell

Bryan is the Managing Editor for AustinStartup and the CEO of Mahana. He is a co-founder of Capital Factory, an investor and advisor, and runs the popular Austin Tech Happy Hour with his wife.