Buddy Media Raises $54 Million To Fuel European Expansion
August 15, 2011 by admin
Filed under Latest Lingerie News
Buddy Media, a company that provides a platform for brand marketing and management on Facebook, has raised a whopping $54 million in a Series D round led by GGV Capital and joined by Institutional Venture Partners, Bay Partners and new investor Insight Venture Partners.
This round of funding comes after a $28 million Series C, which was announced in two sections last October — first, the company announced $23 million in funding, led by Institutional Venture Partners and joined by existing investors Greycroft Partners, Bay Partners and Softbank Capital. That announcement was followed by a $5 million cash investment from WPP, which bills itself as the world’s largest communications services group, less than two weeks later.
CEO Michael Lazerow says that the funding will be used to fuel expansion in Europe and to double the size of the company’s staff, AllThingsD reports.
European expansion was accelerated last month when the company opened its European Headquarters in London, bringing on Luca Benini, a senior executive from Comscore, as Managing Director, Europe.
Buddy Media‘s employee headcount was at 40 employees in 2009 and has since grown to nearly 200.
The company reports that it added nearly 200 customers in 2011 and more than doubled revenue since the end of 2010. According to reports, the company is now valued at $500 million, as of its latest financing round.
Facebook marketing has become an essential component of social brand management. Buddy Media hopes to be the go-to platform for brands engaging in Facebook marketing. With a favorable valuation, a growing client list and booming revenue, Buddy Media is poised to do just that.
Disclosure: Buddy Media is a sponsor of Mashable
