Advent takes stake in social media marketing

London-based venture capital firm Advent Venture Partners has joined in a $17 million (£10.3 million) Series C fundraising round for social media management software provider Vitrue.

Silicon Valley-based Scale Venture Partners has also taken a shareholding in the business, which provides software-as-a-service that enables agencies to market across social media and mobile applications. Existing investors General Catalyst Partners, Comcast Interactive, and Dace Ventures have followed their investments.

Vitrue has also announced that Stacey Curry Bishop, partner with Scale Venture Partners, has joined the board of the company headquartered in Atlanta, US. According to a company statement, Vitrue will expand rapidly to open seven US and three international offices including one in London. It also aims to hire up to 150 new employees and continue development of its software.

Vitrue chief executive Reggie Bradford comments, ‘With the explosion of Facebook, Twitter and mobile location-aware applications, the opportunity for brands to effectively engage and deepen relationships with consumers has never been greater. We will aggressively scale the company and continue delivering best in class solutions to our customers, enabling them to connect with consumers any time, any place.’

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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