Social Relationship Platform Spredfast Raises $32.5M


Spredfast650Social relationship platform provider Spredfast announced Friday that it raised $ 32.5 million in growth capital in a funding round led by Lead Edge Capital, adding that the funds will be used for talent acquisition, product development, and global expansion.

Spredfast counts General Mills, AT&T, and REI among its clients, saying that those companies average nearly 120 employees managing social activity for 40 brands or initiatives across 200 accounts.

The company added that it tripled revenue in 2013 compared with 2012; strengthened existing relationships with clients including Discover, AT&T, Target, Rackspace, and AARP; and integrated new Twitter functionality allowing its clients to target and deliver organic tweets by country.

Spredfast CEO Rod Favaron said in a release announcing the funding round:

This is evolving into a huge market. Every enterprise in every industry can leverage social to grow their business. We are now in the next wave of social business, and we are succeeding because of our single mission. Our customers rely on us to innovate and give them the tools they need to market and manage relationships on social with those who matter most — their customers. We are thrilled to have the support and confidence of our new and existing investors as we accelerate our growth.

Lead Edge Capital Managing Partner Mitchell Green added:

Spredfast has catapulted into a market leadership position, and its extensive client roster is a testament to that. We have tracked this industry for a number of years, and we know that Spredfast is poised to win this market. It is truly an integral part of every business’ daily operations. We look forward to being a partner to Spredfast and are excited to work with the entire team as they enter this next chapter.