While the social network’s ad revenue grew 63% year over year in the second quarter, it only added 8 million new users. Interim CEO ...
The funding round follows a $6 million investment in the company a year ago.
Moontoast LLC, a company that sells social commerce technology, has raised $5 million in a Series B funding round led by The Martin Cos. LLC, with previous investors also taking part. Almost exactly a year ago, Moontoast raised $6 million in another funding round also led by the Nashville-based venture capital firm.
Moontoast helps retailers sell and interact with consumers on social networks, including through blogs, widgets and videos.
Moontoast says the new capital will go toward further development of its “Social Activation Platform” advertising tool, along with the hiring of marketing and product development employees. Moontoast co-founder and chief technology officer Marcus Whitney says that clients and agencies in the fourth quarter launched 90 marketing campaigns using that platform.
"Moontoast is a clear leader in the rapidly changing social advertising market, offering a scalable, comprehensive rich media platform that delivers demonstrable social return on investment by creating deeper brand engagement within today’s dynamic social landscape," says Martin Cos. managing director Les Wilkinson. "The company’s management team has proven that it can successfully innovate and execute to serve the social advertising needs of its clients."