Socialware, a US-based provider of social media compliance and engagement, has raised $7m in its series C round led by investment bank Morgan Stanley’s Expansion Capital unit.
The round comes three months after the bank’s Morgan Stanley Smith Barney brokerage chose Socialware to help it engage with customers and generate sales channel leads, while maintaining full compliance with organization and industry regulation.
Peter Chung, managing principal at Morgan Stanley Expansion Capital, has joined Socialware’s board and said: "Socialware has a proven track record of consistent technological innovation and social media thought leadership which help customers keep pace with industry change and achieve social business success."
Socialware has more than 100 financial services customers, including American Portfolios, Cambridge Investment Research, Guardian Life, and New York Life. In February, Socialware raised $3m for its B round, eight months after its $4.2m series A round from venture capital firms Silverton Partners, G-51 and Floodgate Fund.