Spredfast Raises a Series D
Social marketing company Spredfast is announcing that it has raised $32.5 million in Series D funding.
The round was led by Lead Edge Capital with participation from Austin Ventures, InterWest Partners, and OpenView Partners. The company has now raised more than $60 million.
A lot of Lombardi alumni are at Spredfast, including CEO Rod Favaron, and CMO Jim Rudden, and that just scratches the surface, so as a friend and former colleague, I’m rooting for Spredfast to do well.
Having previously mentioned BPM alumni who take process to a new industry or market, it seems only fitting to discuss Spredfast – which you could argue brings BPM sensibilities to the chaos of social media and social marketing. After all, if Fortune 500 companies are going to be on social media, they are going to do it with a purpose, and they need infrastructure and software and process to shape their engagement:
The company says it works with more then 300 brands including General Mills, AT&T, and REI. The average customer has nearly 120 employees who are managing the social presence of “40 brands or initiatives across 200 accounts.”
“Our secret sauce is designing [our platform] how organizations design themselves around social,” Rod Favaron, CEO of Spredfast, told VentureBeat in an interview. “We’ve configured a platform that works for your org structure.”
It also reports that revenue more than tripled from 2012 to 2013, so it sounds like they’re getting the kind of traction that justifies a big raise. Back to the TechCrunch article, Rod is looking long-term at international growth with a raise this big:
“We wouldn’t go raise if we were thinking short term,” he said. “We’re obviously thinking long term.”
Wouldn’t have it any other way. Congrats, Spredfast!