Extole Raises $6 Million in Series B Funding, Led by Norwest Venture Partners
Additional Capital Will Fund Continued Growth and Development of Extole’s Social Referral Platform
San Francisco, CA, April 11, 2011 – Extole (www.extole.com), a provider of social referral and engagement solutions for brands and agencies, today announces the company has closed a $6 million Series B round of financing. Norwest Venture Partners led the round with participation from previous investors Redpoint Ventures and Trident Capital. With a base of over 100 clients, Extole will use the new funds for ongoing product development, as well as growing its sales and marketing organization.
Extole helps brands activate their brand advocates, engage them and measure social ROI across multiple channels (Facebook, Twitter, Email and their Brand Site) via its social referral platform. Working with Extole, brands such as Kate Spade, Ann Taylor, Salesforce and AAA have increased sales, brand reach and customer acquisition using Extole’s platform of social referral programs, sweepstakes, social sharing, customer video testimonials and contests.
“The new investment validates not only the social marketing space, but Extole’s place in it as we continue to sign marquee brands,” said Brad Klaus, CEO and co-founder of Extole. “We look forward to working with our investors as we pursue new ways to help companies leverage the power of social to identify their brand’s advocates, drive sales and engage customers.”
“In the past year we have witnessed an explosive increase in demand for social marketing solutions, but Extole stood out in its emphasis on driving value to the bottom line,” said Jeffrey Crowe, general partner, Norwest Venture Partners. “After we factored in the significant experience Extole’s management team has in delivering impactful marketing and Software-as-a-Service solutions, the case to invest was compelling.”
Extole previously announced a $5 million Series A round in September 2010.
About Extole
Extole is the leading provider of social referral and engagement applications that drive measurable results on and off Facebook for brands and agencies. Extole’s multi-channel platform helps marketers activate their customer base, engage fans, and convert social engagement into Likes, recommendations, sales, customers, and prospects. For more information, please visit www.extole.com
