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The vendor plans to hire sales and marketing employees.
Social media marketing firm SocialFlow said today it has raised $10 million in capital. The Series B funding round was led by Fairhaven Capital with participation by existing investors SoftBank Capital, RRE Ventures LLC, AOL Ventures and Betaworks, along with new investors Kbs+ Ventures and Rand Capital Corp.
The vendor’s technology helps brands determine when to post or tweet on social networks like Facebook and Twitter, as well as which of those posts they should promote using Facebook’s Promoted Posts and Twitter’s Promoted Tweets ad products. Paying for a Facebook Promoted Post or Twitter Promoted Tweet fixes a retailer’s message at or near the top of users' feeds until the post achieves the number of impressions the advertiser has paid for.
SocialFlow says it will use the funding to expand its product offerings and to add up to a dozen staff members to its sales and marketing team.
The company is focused on an arena, social media advertising, which is taking a larger piece of marketers’ spend, according to recent studies. For instance, a report by the The Nielsen Co. and its subsidiary Vizu found that 23% of marketers say that they are shifting marketing dollars away from online display ads to social media. Another 39% say they are moving some of their offline marketing budget to social media advertising, and 10% are taking money away from other online channels. 41% say that they aren’t moving dollars into advertising on social networks. The total percentage exceeds 100% because advertisers could select more than one response.
Another recent report from BIA/Kelsey suggests U.S. social media advertising will reach nearly $11 billion by 2017, up 134% from $4.7 billion in 2012.
“We have seen a significant change as companies integrate social media marketing into their overarching business goals and make it a lynchpin of their ongoing customer acquisition, engagement and loyalty programs,” says SocialFlow CEO Missy Godfrey. “With the support and partnership of Fairhaven Capital and our existing investors, SocialFlow has the resources to take full advantage of the tremendous market opportunity to help companies develop meaningful relationships across all social networking platforms.”
SocialFlow says its clients include Wal-Mart Stores Inc., No. 4 in the Internet Retailer Top 500 Guide, and Burberry Ltd., which is No. 196.