Publish Date : 10-Feb-2012
Extole, the leading Consumer-to-Consumer (C2C) Social Marketing Platform,announced that it has closed a $10 million Series C round of funding, bringing the company\'s total financing to $22 million. The round was led by Shasta Ventures with participation from existing investors Norwest Venture Partners, Redpoint Ventures, and Trident Capital. Extole marks the first Shasta investment for Jim Barnett, who joined Shasta Ventures as a partner in November 2011 and has served as Extole\'s Chairman of the Board since 2009.
The new round of funding follows a year of explosive growth for Extole in 2011, including record revenue, new customer acquisition, product development, and team expansion. The company will use the new funding to fuel growth, scale operations, and accelerate product and platform investments. With a year-over-year revenue increase of 400 percent in 2011, coupled with a strong demand for Extole\'s solutions, the company is on track to have another record-breaking year in 2012.
\"Brands have a massive opportunity to tap into an entirely new, high-value marketing channel by harnessing the power and reach of their social advocates with C2C Social Marketing. At the same time, our platform also improves the performance of existing marketing channels, such as SEO and display,\" said Brad Klaus, CEO of Extole. \"The market opportunity is validated by our incredible growth trajectory. We\'re thrilled by the vote of confidence from Shasta and our existing investors.\"
Extole\'s C2C Social Marketing Platform makes it easy for brands to power social referral programs, social promotions, social testimonials, and robust social analytics. With Extole, brands drive highly qualified new customers and sales through social referrals, boost traffic and awareness with rich social content, and gain deep insight into customer behavior across their social graphs. Extole\'s more than 200 customers span retail, eCommerce, media, technology, entertainment, automotive, and more. Customers include Shutterfly, Redbox, Zazzle, AAA, Kate Spade, and SkyMall.
\"C2C Social Marketing will revolutionize how marketers interact with their customers. The market opportunity is enormous,\" said Jim Barnett, Partner of Shasta Ventures and Chairman of the Board of Extole. \"Extole has established itself as a leader based on its C2C focus, strong leadership team, and comprehensive platform, making it an easy choice to be my first investment at Shasta Ventures.\"
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