Extole Raises $7.6 Million In Funding
Extole is a San Francisco based consumer-to-consumer social advocacy company that has raised $7.6 million in funding from Shasta Ventures, Norwest Venture Partners, Redpoint Ventures, and Trident Capital. Extole has grown significantly in 2012 after adding clients like Shutterfly, Seamless, Zazzle, and T-Mobile. Extole raised $5 million back in 2010 and another $10 million in February 2012. The company will be using the funding to scale their growth and accelerate product development.
“Our funding is really going to be focused on scaling the team and our investment in the referral eco-system. We’re building out some new functionality and some new products around managing advocates and incentivizing sharing,” stated Extole Chairman of the Board and General Partner at Shasta Ventures Jim Barnett in an interview with BetaKit.
Extole lets brands build custom social referral campaigns. The company lets brands reward an advocate for each successful referral. Advocates can share a deal through multiple channels and brands can track and monitor the activity using a back-end dashboard. Companies can find out which advocates are driving the most referrals so that they can provide them with additional incentives.