Social media services business PeerIndex has secured $3 million (£1.9 million) through a Series A funding round as part of its plans to develop its commercial model.

The fundraising round has attracted interest from both venture capital investors and angels, with the likes of Antrak Capital and existing investor Anthemis Group taking part.

Those contributing in an angel capacity are Tom Glocer, former CEO of Thomson Reuters, Stephen Klein, previously CEO of Activebuddy, and chairman of Restoration Partners Ken Olisa.

UK-based PeerIndex provides a platform that allows companies to reach social media ‘influencers’. The software identifies individuals who will spread ‘positive and impactful’ word-of-mouth messages about appropriate products. Customers of the service include Penguin Books and O2.

As well as developing its commercial model, the money raised will also be used to develop the company’s influence ranking algorithm and its technology infrastructure.

Azeem Azhar, CEO of PeerIndex, comments, ‘To have attracted such a stellar cast of angel and VC investors is a recognition of the innovative approach that we’ve put in place at PeerIndex.’

Mitchell Pender, venture capitalist at Antrak Capital, says PeerIndex is a ‘game-changing’ business.

‘PeerIndex opens up a whole new universe of influence for marketers. Brands have traditionally tried to gain product advocacy from people like journalists and celebrities, but this is expensive and complex,’ he adds.

‘[The business] revolutionises marketing strategies by enabling the easy identification of truly influential individuals at scale.’