Facebook PMD Spredfast raises $32.5M in growth capital
Spredfast, a Facebook Preferred Marketing Developer in pages and apps, announced Friday a $32.5 million round of funding, led by Lead Edge Capital. Lead Edge Capital has funded software, e-commerce and internet companies such as Alibaba Group, Marketo, Bazaarvoice and Monetate.
Spredfast will use this latest round of funding to accelerate the company’s growth through talent acquisition, product development and global expansion. Spredfast manages social programs for top brands such as General Mills, AT&T and REI.
Mitchell Green, managing partner, Lead Edge Capital, commented on the news in a press release:
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.
Rod Favaron, CEO of Spredfast, also discussed the funding:
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.
Spredfast recently finished a milestone-filled 2013, including these highlights:
- Revenue tripled year over year from 2012 to 2013.
- New customer acquisitions of marquee enterprise social brands including General Mills and REI, and strengthened existing relationships with clients including Discover, AT&T, Target, Rackspace, and AARP.
- Deepened partnership with Twitter through integration of new functionality that enables brands to target and deliver organic tweets by country.
- The only open enterprise SRP on the market with strategic integrations with leading social products like Kenshoo Social, Brandwatch, and Bazaarvoice which allow brands to amplify their paid, earned and owned media programs from a single platform.