SocialVibe announced earlier yesterday that they have raised $8 milion Series B in funding from JAFCO Ventures and Redpoint Ventures. SocialVibe is a social media company that has social network users create advertising badges on social networks. Advertisers using the badges include Sprint, Adobe, and Coca-Cola.
“SocialVibe has brought soul to the intersection of social media and online advertising with a solution that resonates with advertisers, publishers and members,” stated Greg Martin, Partner of Redpoint Ventures. “SocialVibe is more than a great business, they are a force for good.”
Through this round of funding, Managing General Partner of JAFCO Ventures Joe Horowitz will be joining SocialVibe’s board of directors. SocialVibe has grown to about 500,000 members. These members are sharing brand badges with about 10 million of their friends on social networks. In turn this creates 100 million endorsed impressions.
“Today’s funding round represents a tremendous vote of confidence in our team, vision and business model,” stated SocialVibe CEO Kurt Johnson. “JAFCO and Redpoint Ventures are quality venture firms that understand our business and have the experience to help us grow into a leading advertising and monetization solution for social media.”