US-based referral marketing company Extole raised $14m in series C funding on Thursday from backers including Norwest Venture Partners, a venture capital firm managing funds for financial services firm Wells Fargo.
Scale Venture Partners led the round, which also featured participation of Redpoint Ventures, Shasta Ventures and Trident Capital.
Norwest led Extole’s 2011 series B round, which raised $6m and also included Redpoint and Trident. All three had earlier participated in the company’s $5m series A round in 2010 alongside angel investor Jim Barnett.
Extole offers software which to date has driven more than six million users to share more than 15 million referrals. It will use the series C funding to support growth in the US and internationally, and to further develop its product.
Founded in 1961, Norwest Venture Partners raised $1.2bn from Wells Fargo in May 2014 for its twelfth fund. Wells Fargo has been Norwest’s sole limited partner since 1989.