Mzinga Raises $10m to Fund Analytics Push

In the US, social software developer Mzinga has raised $10m in venture capital this month, part of which is earmarked to fund a suite of social media marketing and analytics tools.

Mzinga's products are used to host online communities and track discussions that take place in them. Dubbed OmniSocial, the firm's new software will enable clients to create, manage and mine data from their own consumer-facing communities.

OmniSocial combines three modules - social media and networking, web collaboration, and learning and performance - into one environment, and while it can be used in any area of business, it has been specifically designed to help businesses better connect with customers, employees, and partners.

Chairman & CEO Barry Libert commented: 'By providing our customers with a single solution for all social and organizational interactions in combination with a powerful analytics engine, we can help them dramatically improve business operations and results.'

In addition, the new financing, will be used to pay down some of Mzinga's debt and improve its cash position. It will also support the recruitment of nine staff to its sales and marketing teams, increasing the firm's headcount to around 170.

New investor Acadia Woods Partners led the round, with BlueCrest Venture Finance Master Fund also participating, and additional funds from previous backers W Capital Partners and Shared Capital Partners. Total investment to date is around $42.5m.

Web site: www.mzinga.com .