Crowdtap, The Social Influence Marketing Platform Raises $5 Million.
The Leading Social Influence Marketing Platform known as Crowdtap, has managed to raise over $5 million in Series B Funding from its current investors, which was led by Foundry Group and participation from Tribeca Venture Partners, The Mustang Group and Alta Communications.
Ever since the company’s emergence, it has experienced tremendous growth. Crowdtap SaaS license for Fortune 500 brands more than doubled since February 2013. Revenue grow over 300% reoccurring monthly in 2013, and the company doubled its US headcount upto 55. The recent funding round concurs with the opening of brand new Crowdtap offices in Chicago and LA to support regional business development.
“Marketers now understand the importance of creating quality content that can influence social conversations, as reflected by our phenomenal SaaS license growth, as well as the acquisition activity in the space,” said Brandon Evans, CEO of Crowdtap. “With our recent profitability and over 300% monthly recurring revenue growth, we had a number of options for raising money; however, given the efficiency of the business, we opted for a smaller round.”
The Crowdtap SaaS platform helps marketers make it easy to influence topics based on brands spread all over social media by encouraging hoards of consumers and influential people to create quality content and prove instights during real-time
Crowdtap has partner who are some of the best known brands around, which include, P&G, Kraft, Reckitt-Benckiser, AT&T, Verizon, Nestle, Clorox, Sony and Campbell’s. These investments have helped the the company continue to fuel the rapid adoption of its SaaS platform through new talents and product expansion.
Iskra Dobreva, Verizon Social Media Strategist, has said.
“We have licensed the Crowdtap platform for the past 2 years and rely on it to inspire a large crowd of Verizon consumers and influencers to create quality content and access real-time insights on the fly.” She continues, “We look forward to new tools that help us achieve our social marketing objectives.”
Seth Levine, co-founder and Partner at Foundry Group said “Crowdtap’s impressive growth and profitability are rare for enterprise SaaS platforms at this stage.” Seth continues, “This, combined with the shift of marketing dollars toward social media marketing, makes them a very attractive opportunity.”
The company has managed to raise over $15M in total since its launching backing during the late 2009 and is still currently profitable.