Social123 Closes On $4+ Million Investment
Leading B2B Data Provider to Focus on Growth and Platform Expansion
Atlanta, GA – January, 14, 2016 – Social123, the fastest-growing software company in Atlanta according to Inc. Magazine, announced it has completed a new round of funding to accelerate its growth strategy. The $4.25 million investment was led by Vocap Investment Partners, and included existing investors Ellis Capital and former ISS Chairman and CEO, Tom Noonan. The company’s first round of institutional financing will be used to expand and enhance Social123’s proprietary B2B contact data platform, and to grow the company’s sales and marketing footprint. In 2015, Social123 more than doubled its headcount and the company expects to double in size again in 2016.
“It’s been a privilege to work with the great team at Social123 and to serve the hundreds of enterprise and mid-market companies utilizing our data to drive their sales and marketing,” said Aaron Biddar, CEO and Co-Founder of Social123. “Identifying marketing and sales leads and keeping prospect data up-to-date in a business world marked by rapid job and title changes is a huge challenge for modern marketers and sales professionals. This round of funding will allow us to rapidly build upon the success of our industry-first Data Assurance solution, which eliminates the need for quarterly and yearly data cleanses and provides real-time updates to contact records.”
Today’s funding announcement caps an exceptional year for Social123: the company graduated from startup incubator ATDC (Advanced Technology Development Center), tripled its enterprise client base and received multiple awards marking its rapid growth, including ranking #194 in the 2015 INC. 500 list for Fastest Growing Private Companies in the US.
“Social123 has carved out a unique niche in marketing technology and helps to solve a serious business problem – inaccurate data is fatal to any campaign,” said Mike Becker, Managing Director at Vocap Investment Partners. “We are thrilled to partner Aaron and his team, and to help accelerate the growth of a data company that delivers superior results for clients through new levels of data accuracy, analytics, and automation. Marketing and sales automation platforms are only as good as the data that flows through them. Social123 is disrupting the legacy transactional nature of B2B data by ensuring the most accurate data gets into the right campaigns at the right time.”
Richard Fraim, President of Ellis Capital added, “Social123 has focused on an underserved and overlooked segment of the data landscape since its inception in 2011. Now with their strong financial performance and this new funding, it is readily apparent that this is a huge market opportunity and Social123 is in a leadership position.”
Social123 is a social sourced B2B data provider with the largest and most accurate global contact database that is refreshed in real-time. With an industry leading DaaS platform (Data as a Service), customers benefit from the origination of net-new leads to full service appends. Social123 offers the most reliable data solution on the market due to the company’s proprietary algorithms which continuously source, match, and append from thousands of sources. We identify inaccurate records in our clients’ databases, correct and replace them, and then layer on 40+ fields of self-reported information like groups, skills, titles, and even a validated email address – tested with the company’s proprietary email validation software. Social123 has served over 1,500 customers since its inception in 2011 and was recently names the #194 fastest growing private US company by INC. 500.
About Vocap Investment Partners
Vocap Investment Partners provides growth capital to technology companies in select high potential verticals, including: Enterprise Software, Marketing/Marketing Automation, Mobile, the Internet of Things, Healthcare IT and E-commerce. For more information, visit: www.vocappartners.com.
Emily Wingrove, Director of Marketing