Facebook Marketing Firm, Buddy Media, Raises $54M

Buddy Media, a Facebook advertising software company, has received a fresh infusion of cash to the tune of $54 million.

All Things D reports that these funds value the company at $500 million. Buddy Media has been aggressive about fundraising, and it has raised a total of $90 million so far, including a $28 million investment round that closed last fall.

In the most recent round, Insight Venture Partners invested for the first time, joining existing investors Institutional Venture Partners, Bay Partners, and round leader GVC Capital. New York-based Buddy Media has grown its staff from 40 in 2009 to nearly 200 employees. It says it will use the fresh capital to hire more people this year and to continue its international expansion.

“Buddy Media is at the center of the largest two-way communications revolution that the world has ever seen,” CEO and founder Michael Lazerlow said. “Our new funding ensures we have the resources necessary to accelerate the growth of our large, fast-growing software business. I am truly ecstatic to be working with such an amazing group of investors and I believe it’s a testament to our success thus far.”

In the past year, Buddy Media says it’s added about 200 new clients, which include some big-name brands like Ford, Hanes, ESPN, and Virgin Mobile. Although Facebook is the primary platform Buddy Media uses, companies can also use its services on Twitter, and All Things D speculates that Buddy will eventually be available on Google.

Given the strong connection with Facebook, there has been speculation that Facebook will eventually try to acquire Buddy Media. But Lazerlow told All Things D that, at least for now, the company has no interest in selling itself to the social media giant.

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