Spredfast nabs $32.5M in Series D funding to capitalize social marketing growth
Spredfast, a social marketing company, announced today that it has secured additional funding in its latest Series D investment round. The Lead Edge Capital-led funding round raised $32.5 million for the company, thanks largely also to Austin Ventures, InterWest Partners, and OpenView Partners, who participated in the funding round. To date, Spredfast has already accumulated over $60 million in financial backing.
Lead Edge Capital managing partner Mitchell Green said, "Spredfast has catapulted into a market leadership position and its extensive client roster is a testament to that. We have tracked this industry for a number of years and we know that Spredfast is poised to win this market. They are truly an integral part of every business' daily operations. We look forward to being a partner to Spredfast and are excited to work with the entire team as they enter this next chapter."
Founded in 2008, Spredfast has a social relationship platform that equips enterprises with brands to engage and build strong, long-term relationships with its customers by creating social experiences.
2013 was a record year for the US company. Its revenue was seen to have tripled year over year from 2012 to 2013. It was able to acquire new customers General Mills, AT&T, and REI into its growing brand base of over 300.
Rod Favaron, CEO of Spredfast said, "This is evolving into a huge market. Every enterprise in every industry can leverage social to grow their business. We are now in the next wave of social business, and we are succeeding because of our single mission. Our customers rely on us to innovate and give them the tools they need to market and manage relationships on social with those who matter most, their customers. We are thrilled to have the support and confidence of our new and existing investors as we accelerate our growth."