A $1 million (£600,000) seed funding round has been banked by Brand Embassy so that the business can build on its new global offices.
The investment comes a day after social media analytics company Socialbakers closed a $26 million deal led by Index Ventures.
Founded in Prague, and with a base in London, Brand Embassy has created a platform to provide brands with a way of managing customer service inquiries posted on social media sites such as Facebook and Twitter. The business was one of 25 start-ups named by GrowthBusiness in our UK Tech Innovators list back in August 2013.
Leading the new investment is Rockaway Capital and Spread Capital, two investment firms which began life in 2013 and focus on web-enabled technology.
Brandy Embassy CEO Vit Horky says, ‘Our platform has been used by over fifty large international companies across the world.
‘They’ve handled over 7.5 million service issues via Brand Embassy since 2012. Currently the strongest sectors are with telecoms and financial groups – two sectors where customers demand a fast and accurate response to their queries.’
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Having opened offices in the US, Dubai, Portugal Slovakia and Spain alongside its Prague and London locations, Horky says the new capital will allow the technology business to expand its sales and development team and launch ‘new unique product features’.
As part of Rockaway and Spread coming into the business, an exit has been achieved for two early investors – StartupYard and Michal Nydrie.
The previous funding round, involving entrepreneur and Kindred Group CEO Nydie, was worth $200,000.
Jakub Havrlant of Rockaway Capital comments, ‘I see Brand Embassy as a global project which already has a strong position and I am anticipating substantial growth as this whole segment of caring for customers via social networks grows in importance.’
Brand Embassy cites research conducted by J.D. Power and Associates which shows that younger consumers aged 18-29 years-old are nearly twice as likely to use their favourite brands’ social media sites for servicing interactions than marketing as evidence of the opportunity.