Trident Capital Leads $5 Million Investment in Series A Funding for Extole

Based in San Francisco, California, Extole is the first company in the social marketing industry that has actually developed a social marketing platform that can also be used to provide services. The way this unique platform works by allowing brands to market their products by leveraging powerful social marketing solutions on the major social networks, such as Facebook, and promote their brand-named products with high-value customer referrals and recommendations, increased social engagement with customers, resulting in high profits by gaining new customers, hence more sales.

Extole announced on September 15, 2010, that it has closed $5 million in series A funding, which was led by Trident Capital. Other investors who participated in this funding round include RedPoint Ventures and Norwest Venture Partners.

According to the CEO and cofounder of Extole, Brad Klaus, the platform that Extole provides the ability for businesses and their brands to reach into the lucrative social networking market. This enables them to tap into a new market all together with the potential of gaining new customers and sales, doubling their profits. The fact that the company has just closed this recent funding round from three major investors is a testament to the fact that the product that Extole provides has potential for growth and high ROI for our investors.

The senior managing director at Trident Capital, Evangelos Simoudis, further added that he is very confident that the investment that Trident Capital led will have high returns since Extole is the first to take a lead in this emerging market. Mr. Simoudis further added that the fact that Extole’s social marketing SaaS platform has also been well received in the emerging social marketing market.

Mr. Simoudis also further stated that in this day and age, where everyone is on a social network, social marketing solutions are becoming increasingly in demand for businesses to effectively market their products on the various social networks and gain all kinds of new customers and turn those leads into new sales. There are many unmet needs in the social marketing industry and Extole seems to meet them by its revolutionary platform.

Founded in 1993, Trident Capital is one of America’s leading venture capital firms which primarily invests in startup companies who are in the software, IT, healthcare networking, internet, and clean tech industries. The firm currently has over $1.8 billion in funds under its management and invests in companies that have the potential to disrupt the markets in the above mentioned industries. Some other companies in Trident’s portfolio include Sabre Holdings, Sojern, Circles, Intagio, CrossMedia Services, and others.