Got Funds? $54 Million More in Buddy Media’s Coffers
ADOTAS – Buddy Media has added $54 million more to its impressive venture capital haul in a Series D round led by GGV Capital partner Jeff Richards, who also joined the board of directors. GGV was joined in the round by fellow existing investors Institutional Venture Partners and Bay Partners as well as new kid Insight Venture Partners.
“Buddy Media has a proven management team, sustained revenue growth and a massive market opportunity,” Richards commented. “The company is the market leader in a category that sits at the intersection of social media and software-as-a-service (SaaS), two of the largest and fastest growing markets in the technology industry.”
The enterprise social media platform manager has raised $90 million in venture funding, including a $23 million Series C round followed by an extra $5 million investment by WPP last October.
This latest round will go towards doubling the product, sales and support staff — which is kind of crazy considering that Buddy Media team has grown from 40 employees in 2009 to more than 200 currently. In addition, the investment will be used to open more global offices (European headquarter were established in London last month with former comScore exec Luca Benni taking the reins as managing director for Europe) and additional strategic acquisitions.
Buddy Media notes that it has added 200 companies as clients so far bin 2011, including big brands like Ford and Hearst. At the beginning of the year, the platform won a TechCrunch “Crunchie” Award for Best Enterprise Application. In addition, CEO and Founder Michael Lazerow, who we’ve had the pleasure of conversing with once or twice, was named New York Ernst & Young Entrepreneur of the Year in June.
Oh, but that’s not all — the very busy Buddy Media acquired social commerce and analytics platform Spinback in May to illustrate social ROI to clients. In June, the company introduced branded social media applications (dubbed “sapplets”) with a variety of engagement features, available on the Facebook pages of various Hearst publications such as Cosmopolitan and Seventeen. And just last month, Buddy Media added Twitter publishing to its roster of services.
It even brought on board some impressive tech names, with original Facebook ad sales man Kevin Colleran joining the board of directors; Yahoo! and Vibrant Media veteran Dennis Morgan taking over as CFO; and MediaLink chairman and CEO Michael Kassan just being named a special advisor to Lazerow.
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