The payment card network says the platform will provide retailers with another way to acquire customers.
The company, formerly Alvenda, will use the money to enhance its Facebook retail tools.
8thBridge Inc., a social commerce technology vendor formerly known as Alvenda, announced this week it had raised $10 million in the company’s second funding round. Trident Capital led the funding round, with Split Rock Partners, an existing investor, also taking part.
8thBridge says it will use the money to enhance 8thBridge StoreCast, a tool that enables retailers to place a checkout feature inside Facebook news feeds and fan pages. The funding also will help the technology vendor better enable retailers to send personalized offers to consumers based on their interests, and to offer rewards to customers via social media, the company says.
“We sought out this new round of funding based upon an accelerated demand from merchants seeking e-commerce solutions that are built for the social graph,” says Wade Gerten, CEO and founder of 8thBridge. The social graph refers to the relationships between consumers on social networking sites. 8thBridge says its retailer clients include 1-800-Flowers.com, No. 40 in the Internet Retailer Top 500 Guide; Hallmark, No. 147; Brooks Brothers, No. 168; and HauteLook, No. 191.
“The rise of Facebook as the next generation web platform enables companies to establish new levels of understanding of and intimacy with their customers,” says Evangelos Simoudis, managing director of Trident Capital who joins 8thBridge’s board of directors. “Companies must learn to effectively utilize social media in general and these resources in particular for marketing and commerce.”