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Investors' $54m for Buddy
Facebook page management company Buddy Media, which is backed by WPP, has raised another $54m in investment, for use in global expansion.
The US-based firm, which helps clients launch, maintain and measure social media presences 'in any country and in any language', bought NY-based social media analytics firm Spinback in May this year and says it will complete its integration 'and roll out' this month.
The firm says this Series D funding will be used to more than double its product, sales and support staff in the next year as well as fund additional global offices and acquisitions. Current investors GGV Capital, Institutional Venture Partners and Bay Partners were joined by Insight Venture Partners. GGV partner Jeff Richards has joined Buddy Media's Board of Directors.
Buddy Media was established in 2007, is a preferred developer partner for Facebook and says it manages social media for eight of the top ten global advertisers. Revenues have more than doubled since the end of 2010, and staff numbers have grown from forty employees in 2009 to almost 200, with continued large-scale recruitment planned. A European Headquarters was opened in London last month, headed as MD by former comScore exec Luca Benini.
Looking to help clients to integrate Facebook-targeted marketing into their campaigns, WPP invested $5 million in October last year - however this may not represent a huge stake, given that Buddy Media was reportedly valued at around $500m during the latest round of investments.
GGV's Jeff Richards comments: 'Buddy Media has a proven management team, sustained revenue growth and a massive market opportunity. The company is the market leader in a category that sits at the intersection of social media and software-as-a-service (SaaS), two of the largest and fastest growing markets in the technology industry.'
The company is online at www.buddymedia.com .
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