SocialFlow, a startup that makes social media marketing tools, has raised $10 million in its second round of institutional financing.
Before you finish yawning, take a look at the company’s investors (a bunch of big, shiny VC firms) and its competitors (a bunch of splashy exits and big revenue numbers). You can infer that someone, somewhere, is trying to make his money back and perhaps even offset riskier bets with a safe one on a company that is selling a product to customers that want to buy.
The New York-based startup announced today that the round was led by Fairhaven Capital with participation from existing investors SoftBank Capital, RRE Ventures, AOL Ventures, and Betaworks. New investors in the round included kbs+ Ventures and Rand Capital Corporation.
Like so many other social media products available to businesses and brands, SocialFlow wants to help those high-dollar customers manage their online presences, from starting conversations on Facebook to scheduling tweets to interacting with customers on a one-on-one basis. The platform also includes options for advertising and other paid media on Facebook.
“The best performing tweet The Economist sent out last year was between three and four in the morning on a weekday,” SocialFlow co-founder Frank Speiser told VentureBeat in an interview. “It was an article questioning the value of a Ph.D. No human would ever have predicated that was the best approach and the most significant article for their audience. Only an algorithm can key into an opportunity like that.”
The company’s customers include a slew of heavy hitters such as Pepsi, National Geographic, Dole, and The Washington Post.
But SocialFlow plays in a crowded arena: Its competitors include companies like Wildfire (recently acquired by Google) and ExactTarget (recently gone public).
To date, the startup has taken between $17 million and $20 million in angel and venture capital funding. SocialFlow was founded in 2009 and is based in New York City with a satellite office in San Francisco.
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