Corporate venturing units and venture capital firms have joined forces to pump $10m into SocialFlow, a US-based social media service provider.
Fairhaven Capital led the series B round. It was joined by KBS+ Ventures, the thematic investment arm of Kirshenbaum Bond Senecal + Partners, which backs early-stage entrepreneurs in the fields of advertising and marketing technology, Rand Capital Corporation and return backers AOL Ventures, the corporate venturing unit of US media group AOL, SoftBank Capital, RRE Ventures, and Betaworks.
In April 2011, New York-based SocialFlow, which provides social marketing optimisation technology, raised $7m in a series A round from a consortium of publishers. Japan-based internet holding company SoftBank led the A round, and the consortium also included SocialFlow’s incubator, Betaworks, AOL Ventures, and venture capital firms SoftBank, RRE Ventures, High Line Venture Partners and SV Angel, as well as individual investors.
SocialFlow will use the latest funds to accelerate its range and reach, expand its product portfolio and further develop its partner base as the market for intelligent social network engagement and analytics platforms expands.
CEO Missy Godfrey said: “In the past year, we have seen a significant change as companies integrate social media marketing into their overarching business goals and make it a lynchpin of their ongoing customer acquisition, engagement and loyalty programs.
“With the support and partnership of Fairhaven Capital and our existing investors, SocialFlow has the resources to take full advantage of the tremendous market opportunity to help companies develop meaningful relationships across all social networking platforms.”