The move follows similar programs from Target and Amazon.
Social marketing vendor Lithium Technologies raises $53.4 million
The company will use the funds to hire sales, marketing and engineering workers.
Topics: Benchmark Capital, Best Buy, capital, funding rund, Home Depot, investment, listening platform, Lithium Technologies, New Enterprise Associates, Rob Tarkoff, SAP Ventures, Scout Labs, shasta ventures, social marketing
Social marketing vendor Lithium Technologies today announced it has raised $53.4 million. The company plans to use the funds to bolster what it calls “social customer experience solutions” that include tools such as the Scout Labs listening platform. Such technology combs social media and the web for mentions of brands and products.
Lithium says it plans to expand its sales and marketing teams in new and emerging markets, while also hiring engineers to develop new products. "This successful funding round will help us extend our leadership in the social customer experience market, giving us both the operational flexibility and financial strength to double our company in 2012,” says Rob Tarkoff, Lithium president and CEO.
Among Lithium’s customers are Best Buy, Barnes & Noble and The Home Depot. Best Buy is No. 11 in the Internet Retailer Top 500 Guide, Barnes & Noble is No. 41 and Home Depot is No. 43.
William Lynch, Barnes & Noble CEO, will deliver the keynote address at the 2012 Internet Retailer Conference & Exhibition in Chicago on June 6 from 8:45 a.m. to 9:15 a.m. in a session titled “How the web has become the engine that drives retailing."