ArchiveSocial, a Durham, North Carolina-based social media archiving software company, announced it has raised $53 million from Level Equity — which is a growth equity firm based out of New York and San Francisco. With the funding, ArchiveSocial is going to accelerate the expansion of its market-leading platform — which benefits government agencies, law enforcement officials, and K-12 school districts.
“Social media has enabled an unprecedented level of transparency in government and is now the primary channel for public officials and agencies to communicate with the public,” said ArchiveSocial founder and CEO Anil Chawla. “The ever-evolving nature of social media, however, also magnifies risk and the need for thorough and accurate record keeping. The investment and support from Level Equity strengthens our position as the market leader in social media archiving and allows us to further expand our best-in-class technology platform to support the growing needs of our current and future customers.”
This announcement follows significant annual revenue growth for ArchiveSocial as the demand for government agencies and educators in order to communicate with constituents, communities, and parents has been increasing. This call-to-action increases the awareness of the compliance risks associated with archiving electronic communication including social media as a public record.
In the past 18 months, ArchiveSocial doubled the size of its customer base and surpassed 2,000 customers. And the company announced the availability of Web Snapshots back in April. This is an expansion to the core archiving platform, which automatically captures visual snapshots and legal records of website content within a customer’s existing social media archive.
ArchiveSocial is also known for working with public and private agencies to comply with record-keeping regulations and mitigating risk related to social media. ArchiveSocial does this while ensuring complete, authentic, and in-context records of social media communications.
“ArchiveSocial’s outstanding product and customer experience, paired with a ‘must have’ value proposition, provide strong opportunities for growth and expansion,” added Level Equity co-founder and partner Sarah Sommer. “We are very excited to partner with Anil and the ArchiveSocial team as they enter the next phase of growth and look forward to the company’s future.”