Spredfast Secures $12 Million in Venture Capital
Time for the second inning!
Today Spredfast announced the closing of a $12 million B round of venture funding. I"™m very excited to be working with Doug Pepper, Bruce Cleveland and the InterWest Partners team. As part of this funding, Doug will join the Spredfast Board of Directors. InterWest is a great firm that"™s been around for more than 30 years. In addition to Spredfast, they are investors in adjacent companies like community player Get Satisfaction and marketing platform Marketo. I"™m also excited that our A round investor, Austin Ventures, also invested in this round.
When I came on board in February as CEO, I didn"™t expect the pace of growth that we have seen so far this year. We believed that businesses would want to market their product and services on social media channels. We also believed the social networks would continue to become more business friendly by opening more API"™s. What I"™m not sure we believed was how fast the opportunity would develop.
In the past few months LinkedIn has opened their group API"™s allowing businesses to better market, Google+ has launched and opened (read-only) API"™s, YouTube has improved access and Facebook just announced a head spinning array of new capabilities. For the social marketer, it"™s a buffet of riches.
Every day we wake up (sometimes with little sleep from the night before) and go to work building great software to make it possible for businesses and their agency partners to better manage their social programs. Some of our customers have hundreds of employees and partners engaged in social marketing or care. These employees are interacting with fans, prospects and customers on hundreds of social instances in multiple countries"¦at the same time. This is not just social marketing. This is not just social PR. This isn"™t even just social customer care. It"™s a social business. It"™s the future of engagement with your market.
Spredfast has grown from 15 to 50 employees so far this year. We will hire the next 50 over the next 2 quarters. I want to thank our hundreds of customers for their business and confidence. Watch for some exciting new product and service offerings from Spredfast over the next couple quarters.
If you will indulge a baseball metaphor, the first inning of social is coming to an end, eight innings to go. Spredfast intends to win this game.