Buddy Media, a company that provides Facebook Page management tools to brands, has just raised $23 million in Series C Funding led by Institutional Venture Partners with SoftBank Capital, Greycroft Partners, and Bay Partners participating in the round. This brings the company’s total funding to over $33 million.
Buddy Media offers brand marketers and agencies and all-in-one social media management system to help create, manage and track social campaigns on Facebook. With regard to Facebook, the platform lets agencies create, manage and track Facebook pages in a variety of languages to drive and increase user and brand engagement. Users don’t need to have any prior FBML knowledge to create pages on Facebook and can create sleek and interactive pages fairly easily.
While Buddy Media also offered a Twitter Management System, it appears that the company is moving away from other social networks to focus its resources on Facebook.
Buddy Media is profitable, and growing 15 percent each month in terms of revenue. Buddy Media’s main revenue stream is from licensing its SaaS platform to clients. And a number of well-known brands and organizations are using Buddy Media’s platform including Budweiser, designer Tory Burch, the NHL and the Dallas Cowboys. Currently, 300 brands and agencies are using Buddy Media, which is up from 100 clients earlier this year.
The new funding will be mainly used towards additional product development and hiring of more sales and marketing employees, says CEO and founder Michael Lazerow. While he declined to give us any revenue numbers, he did tell us earlier this year that the the company is on track to make $20 million in sales this year.
Lazerow says he believes strongly in the Facebook platform; and will soon be launching a designated Places product to allow businesses to create customized Places pages.