Social Media Marketing Platform SocialFlow Raises $10 Million Series BTechCrunch Apr 16, 2013 Back to press
SocialFlow, the makers of social marketing optimization technology that helps brands determine when to post their messages to social media sites like Facebook and Twitter, as well as which messages they should promote, has today closed on $10 million in Series B funding. The round was led by Fairhaven Capital, and included participation from existing investors SoftBank Capital, RRE Ventures, Aol Ventures and Betaworks, as well as new investors kbs+ Ventures and Rand Capital Corporation.
The company says it plans to use the funding to expand upon its current product lineup, and expand its reach through partnerships.
Today, SocialFlow offers two key tools known as Cadence and Crescendo. The former helps businesses manage the messages they tweet or post to Facebook, using algorithms that try to figure out when the social audience would be most receptive to that message’s content. It can then automatically post that message on the company’s behalf, and proceed to measure message conversions and clicks. Meanwhile, the latter product, Crescendo, was introduced last summer, taking that same audience measurement technology in order to help a brand with its ad buys – that is, which messages should it pay to promote on Facebook, for example. (Twitter support to come).
The company now has solid traction in the enterprise, where brands like Walmart, Pepsi, Burberry and others are among the over 70 enterprise customers who have adopted SocialFlow’s technology. Its customers operate in a number of industries as well, including retail, automotive, consumer products, hospitality and more. Six of the ten largest media companies are actively using Cadence, the company notes.
New York City-based SocialFlow had previously come out of betaworks, and raised a $7 million Series A in spring 2011. At the time of the funding Twitter platform lead Ryan Sarver had praised the company as “exactly what we want to see out of the [Twitter] ecosystem,” saying that SocialFlow was building “a real business.”
The funding news and expansion plans follows a time when SocialFlow competitors have been bought up by larger companies, including Salesforce’s acquisition of Buddy Media last summer for $689 million, and Oracle’s acquisition of Vitrue for $300 million. Pointedly, SocialFlow declined to discussion its own valuation, in light of the new funding.
However, the company would confirm that its revenue is in the “low seven figures.” In the first quarter of 2013, SocialFlow reported 332 percent year-over-year growth, and says it booked as much in Q1 2013 as it did during the entire year of 2012.
Now a team of 32, SocialFlow plans to add 12 new hires in sales and marketing