The acquisition will add more than 300 products to L’Oreal’s lineup.
The capital will go toward hiring and product development. The vendor’s technology serves some 300 brands.
Social marketing technology vendor Spredfast has raised $32.5 million in a funding round led by Lead Edge Capital. Austin Ventures, InterWest Partners and OpenView Partners also took part.
Spredfast says it will use the capital to hire employees, develop products and expand globally. Revenue for Spredfast in 2013 has tripled compared with 2012, the company says without providing figures.
The Austin, TX-based company says more than 300 brands use its social marketing technology, which enables companies to use a single platform to reach consumers on such social networks as Facebook, Twitter and Google Plus. Spredfast says its customers include grocery chain Whole Foods Market Inc. and foodservice provider Aramark Corp.
“Every enterprise in every industry can leverage social to grow their business. We are now in the next wave of social business, and we are succeeding because of our single mission,” says Rod Favaron, CEO of Spredfast. "Our customers rely on us to innovate and give them the tools they need to market and manage relationships on social with those who matter most, their customers. We are thrilled to have the support and confidence of our new and existing investors as we accelerate our growth.”