Extole Raises $7.5m for Social Media Advocacy Platform

In the US, Extole, which offers tools to enable brands to convert their fans into 'social advocates', has raised $7.5m in new funding, which it plans to use to accelerate the growth of its product portfolio.

San Francisco-based Extole provides software which helps marketers pinpoint their best advocates, and then offers these individuals rewards in exchange for promoting the company to their friends via social networks. The company then measures the results through its suite of social analytics tools.

The latest funding, which follows on from a $10m Series investment raised a year ago, is led by existing investors including Shasta Ventures, Norwest Venture Partners, Redpoint Ventures, and Trident Capital. The latest financing brings the total funds raised to $29.9m since the firm's launch in 2009.

Jim Barnett (pictured), Chairman of Extole's Board and General Partner at Shasta Ventures, comments: 'Marketers are shifting their focus from simply measuring social activity to driving measurable marketing ROI. The power of word of mouth is critical to this shift, and we believe that Extole's approach to social advocacy uniquely positions the company to drive the next wave of innovation in social marketing.'

Web site: www.extole.com .