Business Development Bank of Canada

Syncapse Raises $2 Million For "Social Media Technology"

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Syncapse, which bills itself as a social media technology company, has secured $2 million in financing from the Business Development Bank of Canada.

This announcement follows Syncapse’s first round of private equity financing – the company raised $3.3 million earlier this year.

The initial funds were used to fuel Syncapse’s global expansion and invest in product development for SocialTALK, social media management software for brand marketers and agencies. Syncapse, founded in 2007, says it invested nearly $10 million in product development in 2010 and is on track to invest a similar amount next year.

Using the new funds, Syncapse aims to expand its suite of technology products for marketers, ramp up hiring efforts for sales and marketing roles and appoint new members to its board of directors. The board currently includes Rob Burgess, former CEO of Macromedia, and Ian Giffen, Chairman of The Descartes Systems Group.

Syncapse was most recently in the news with its acquisition of London-based social media development firm Nudge Social Media.

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