New York brand advocacy startup Crowdtap picks up $5M in Series B funding
Social influence marketing startup Crowdtap has closed $5 million in its second financing, according to Business 2 Community.
Foundry Group was the lead investor in the Series B round. Tribeca Venture Partners, The Mustang Group, and Alta Communications also participated in the funding, TechCrunch detailed.
The New York-based startup had previously raised $7 million in its 2011 Series A round. For Chief Executive Officer (CEO) Brandon Evans, his company did not need to raise a bigger amount for the second round because Crowdtap was already profitable by 2013, the report explained.
Crowdtap inspires brands to create quality promotional content by connecting them with their target consumers. The startup identifies influential fans and encourages them to promote brands on their blogs and social network accounts like Facebook and Twitter to introduce new products and services to the public. The company currently employs 55 workers. Its clients include Sony, Kraft, Nestle, and P&G, Business 2 Community reported.