New York, NY (March 20, 2014) — Crowdtap, the Leading Social Influence Marketing Platform, has attracted $5 million in Series B funding from current investors, led by Foundry Group with participation from Tribeca Venture Partners, Alta Communications and The Mustang Group.
Since its inception, the company has experienced explosive growth. Crowdtap SaaS licenses for Fortune 500 brands more than doubled since February 2013. Monthly recurring revenue grew over 300% in 2013, and the company doubled its US headcount to 55. The latest funding round coincides with the opening of new Crowdtap offices in LA and Chicago to support regional business development.
"Marketers now understand the importance of creating quality content that can influence social conversations, as reflected by our phenomenal SaaS license growth, as well as the acquisition activity in the space," said Brandon Evans, CEO of Crowdtap. "With our recent profitability and over 300% monthly recurring revenue growth, we had a number of options for raising money; however, given the efficiency of the business, we opted for a smaller round."
The Crowdtap SaaS platform makes it easy for marketers to influence conversations about brands across social media by inspiring crowds of consumers and influencers to create quality content and provide real-time insights.
Crowdtap partners with top 100 brands including Verizon, P&G, Nestle, Kraft, Campbell’s, Reckitt-Benckiser, Clorox, AT&T and Sony. The investment will help the company to further fuel the rapid adoption of its SaaS platform through product expansion and new talent.
Verizon Social Media Strategist, Iskra Dobreva, says "We have licensed the Crowdtap platform for the past 2 years and rely on it to inspire a large crowd of Verizon consumers and influencers to create quality content and access real-time insights on the fly." She continues, "We look forward to new tools that help us achieve our social marketing objectives."
Seth Levine, co-founder and Partner at Foundry Group said "Crowdtap’s impressive growth and profitability are rare for enterprise SaaS platforms at this stage." Seth continues, "This, combined with the shift of marketing dollars toward social media marketing, makes them a very attractive opportunity."
The company has secured $15MM in funding since its inception in late 2009 and is currently profitable.
Crowdtap is an award-winning marketing technology firm based in New York, which creates on-demand and meaningful connections between brands and consumers through consumer insights, consumer ratings and reviews, and influencer activations. Through instant ideation, feedback and validation, Crowdtap help brands stay on pace with culture and ahead of trends.
Since its founding in 2009, Crowdtap has worked with top brands including General Mills, Heineken, Kraft Foods, P&G, Verizon, Walmart and Yum Brands, and has received numerous accolades for its work from The Shorty Awards, WOMMA and OMMA, among others. Crowdtap has also been named a top place to work by Fortune, one of America's Most Promising Companies by Forbes, and recognized for its growth by Advertising Age and Mashable. Visit corp.crowdtap.com for more information.
