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Social media provider Syncapse announced today it has finalized a $2 million round of financing from the Business Development Bank of Canada.
Toronto-based Syncapse, which develops tools to help brands and marketers build their own social communities and track in real-time what consumers are wanting, said it will use the new funds to hire more sales, technical development and marketing staff.
The company said it will also appoint as-of-yet unnamed new members to its board of directors, which currently includes The Descartes Systems Group’s chairman, Ian Giffen, and former Macromedia CEO Rob Burgess.
The injection brings the company’s grand total of new funding in 2010 to $5.3 million, although the firm said today it has invested $10 million in product development this year and will likely allot the same amount in 2011.
Since its founding in 2007, the firm’s revenue has grown more than 700 percent, and the company says it has connected brands with 60 million consumers globally.
Three-year-old Syncapse will now focus on product development for its social media management software, SocialTalk. It will also probably use some of the funding to ease its integration with London-based Nudge Social Media, which it acquired for undisclosed terms the second week of September and which gave it a presence in Europe and beyond.
That particular acquisition also won Syncapse Nudge’s many marquee-name clients, including Domino’s Pizza, Unilever, The Carphone Warehouse, PhotoBox and JustGiving. Its roster of existing clients also includes Pepsi International, Reckitt Benckiser, Anheuser-Busch InBev and Autism Speaks.
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