Extole, a startup which offers a suite of social media marketing has raised $10 million in Series C round funding, led by Shasta Ventures with participation from existing investors Norwest Venture Partners, Redpoint Ventures, and Trident Capital. This brings the company’s total financing to $22 million.
Extole’s technology makes it easy for brands to power social referral programs, social promotions, social testimonials, and social analytics. Products such as Refer-A-Friend and SocialBuilder are designed to enable brands to leverage referral marketing services and viral Facebook sweepstakes apps to increase sales and brand awareness in a measurable way, such as through likes, recommendations and more.
For example, Refer-A-Friend rewards advocates for promoting a brand to their friends. Customers include Shutterfly, Redbox, Zazzle, AAA, Kate Spade, and SkyMall. Extole was founded by Brad Klaus, former chief exec of Syndero and VP of Sales at Qualys before that.
Last year, revenue grew 400 percent, and is on track for record revenue in 2012. The company will use the new funding to fuel growth, scale operations, and accelerate product and platform investments.