IT firm Spredfast has raised $18m in venture capital to develop its social media management software and increase headcount to support a growing base of customers.
The fundraising round was led by Boston-based venture capital fund OpenView Venture Partners and was also backed by the Spredfast’s existing investors including Austin Ventures and InterWest Partners.
The software provided by Spredfast allows businesses to manage and monitor their social media programmes, it said.
Spreadfast, based in Texas, enables more users to engage in more conversations on in more conversations from a single platform on supported social networks like Facebook, Twitter, LinkedIn, YouTube and popular blogging platforms.
Spredfast enjoyed substantial growth in 2012, seeing its revenues jump 400 percent as it brought a number of high profile customers on board including AT&T, Caterpillar, Rackspace and Starbucks and expanded its relationships with AAA, T. Rowe Price, Whole Foods Market and Warner Brothers.
“For the past few years we have been tracking the social media management space and believe the market is at an inflection point,” said managing director at OpenView Adam Marcus. “Companies are no longer concerned with Likes, but rather with building real customer engagement and value across their social networks.”
OpenView – which is focused on high-growth software, internet, and technology-enabled companies, currently has around $440m in total capital under management.
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