Spredfast, a social-marketing software provider that counts broadcast and cable TV networks among its 650 clients, has raised $50 million in equity funding.
The funding, which brings Spredfast to a total of about $116 million in capital raised to date, was led by new investor Riverwood Capital and joined by previous investors Austin Ventures, Interwest Partners, OpenView Venture Partners and Lead Edge Capital. The company also raised $24 million in debt financing last year from Silver Lake Waterman.
In the entertainment biz, Spredfast customers include ABC, CBS, NBCUniversal, Fox, ESPN, Viacom, Turner Broadcasting, Univision Communications, BBC and ITV. Clients in other industries include Target, Whole Foods, Bank of America and Airbnb. Spredfast’s suite of tools encompasses content planning and creation for social-media campaigns; publishing to Facebook, Twitter, YouTube and other platforms; moderation of user interactions; and analytics.
Spredfast CEO Rod Favaron claimed that the company curates around 80% of the social content on TV. “We’re really connecting the world of traditional linear TV and digital social content,” he said.
Viacom, for one, has used Spredfast’s system to to develop its own analytics dashboard, the Echo Social Graph, track content distributed on social media. “With this tool we can measure the entire social conversation around our campaigns thereby fueling our understanding of our fans,” said Lydia Daly, senior VP of Viacom Velocity.
Favaron declined to disclose Spredfast’s valuation with the funding, which he called a “vanity metric,” but said it was an up round. The company will invest the new funding in product development. “The world of social is if nothing else crazy fast-paced,” Favaron said.
In 2015, the privately held company had a $100 million sales run rate, and grew revenue 130% versus 2014, according to Favaron. The company has made two acquisitions to date: Mass Relevance, an aggregator of social conversations and data, in 2014, and social-marketing software startup Shoutlet last year.
Spredfast’s key competitors are customer-relationship management offerings from Oracle, Salesforce.com and Adobe Systems. Austin, Texas-based Spredfast, founded in 2008, currently has about 550 employees.