Extole Raises $7.6 Million in Financing
Extole, a social advocacy platform, recently announced that it has raised financing worth $7.6 million in a round led by Shasta Ventures, Norwest Venture Partners, Redpoint Ventures and Trident Capital. The officials from the company said the funds will be used to expand its operations and accelerate product and platform investments.
'Social media marketing is going through a fundamental transition. Marketers are shifting their focus from simply measuring social activity to driving measurable marketing ROI,' said Jim Barnett, Chairman of the Board at Extole and General Partner at Shasta Ventures. 'The power of word of mouth is critical to this shift, and we believe that Extole's approach to social advocacy uniquely positions the company to drive the next wave of innovation in social marketing.'
Extole helps brands and agencies drive measurable results through word of mouth (WOM) marketing. The platform helps brands engage consumers across all touch points including a brand's website, e-mail and social networks like Facebook. Its customers include T-Mobile (News - Alert), Shutterfly, Redbox, Travel Channel, Zazzle, kate spade new york, SkyMall, and Seamless.
The company is financially backed by Shasta Ventures, Redpoint Ventures, Trident Capital, and Norwest Venture Partners.
Recently, Extole had its inaugural Social Advocacy Summit on October 17, 2012 in New York City in conjunction with Social Week. The Summit focused on the next generation of social marketing including the impact of Facebook's (News - Alert) Open Graph on marketers and follows a record second quarter of sales and revenue for the company. Extole's Social Advocacy Summit featured Brian Solis, principal analyst, Altimeter Group and Extole CEO and Founder, Brad Klaus, along with a lineup of speakers and panelists spanning industry thought leaders, brands and agencies. The Social Advocacy Summit came on the heels of a record second quarter for the company. Extole launched its next generation Social Advocacy Platform with full open graph enablement in June with launch partners from T-Mobile, Vogue, Zazzle, Seamless, Folica and TastingRoom.com.
Edited by Brooke Neuman
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