US-based enterprise software company Socialware secured $7m in series C funding on Monday from investors including venture capital firm Crunchfund and Morgan Stanley Expansion Capital, a corporate venturing fund belonging to financial services firm Morgan Stanley.
Also participating in the round were venture capital firms Floodgate, G-51 Capital and Silverton Partners. According to Socialware’s previous SEC filings, the firm has raised $21m since it was founded.
Socialware provides a range of software and services that make it easier for businesses to build relationships with customers through their employees, using social networking sites such as Facebook, LinkedIn and Twitter.
The revenue in the latest round will be used to ensure Socialware’s range of services keep up with the evolution of social media. Socialware claims that customer, revenue and employee growth tripled in 2011.
Patrick Gallagher, general partner at CrunchFund, said: "Many companies miss the mark by only leveraging social media to elevate the company brand, but personal relationships are at the core of social networks. Socialware makes social networks work for business by enabling employees, who were once prohibited from accessing social networks, to build more meaningful relationships with less risk. The role of Socialware is instrumental as businesses start to recognize the true value of social media in a relationship economy."