Following Record Growth in 2011, Leading Social Marketing Platform Closes Round with Participation from New and Existing Investors
San Francisco, CA, Feb. 8, 2012 – Extole (www.extole.com), the leading Consumer-to-Consumer (C2C) Social Marketing Platform, today announced 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.”
Extole is the leading Consumer-to-Consumer Social Marketing Platform, enabling brands and agencies to turn their customers into social advocates. Extole powers social referral programs, promotions, testimonials, and robust social analytics for more than 200 brands, helping them grow sales, increase traffic and awareness, and gain critical insights. Customers include Kate Spade New York, J. Hilburn, AAA, Shutterfly, New York Times, and SkyMall. Extole is a privately held company based in San Francisco, California.
About Shasta Ventures
Shasta Ventures is an early-stage investment firm focused on companies in the consumer-Internet, mobile and software sectors. Shasta was formed to back brilliant entrepreneurs with an unwavering commitment to the customer experience. The firm is based in Menlo Park, California.