TapInfluence, an online platform that connects brands with digital media influencers, announced it has closed $14 million in venture capital financing led by Noro-Moseley Partners. Also participating in the round were existing investors Grotech Ventures and Access Venture Partners, new investor Knollwood Investment Advisory, accelerator MergeLane and angel investor Robin Ferracone. TapInfluence, based in Boulder, Colorado, has now raised a total of $22.8 million, according to CrunchBase. The company previously raised a $5 million Series B from Access and Grotech in 2013, a $3.2 million Series A from Grotech in 2012 and a $600,000 from angel investors in 2011, CrunchBase said.
TapInfluence Raises $14 Million Financing Round to Power Influencer Marketing for the Fortune 1000
Leading influencer marketing automation platform will use funds to exceed surging demand, which drove over 300 percent revenue growth for the company in 2015
April 19, 2016 10:14 AM Eastern Daylight Time
BOULDER, Colo.–(BUSINESS WIRE)–TapInfluence, the leader in influencer marketing automation, today announced it has closed $14 million in financing led by Noro-Moseley Partners with participation from existing investors Grotech Ventures and Access Venture Partners, as well as new investor Knollwood Investment Advisory. Contributions were also made from MergeLane, a startup accelerator for women-led companies, and super angel Robin Ferracone, founder and CEO of Farient Advisors, and a respected strategic SaaS investor.
With consumers no longer responding to traditional digital advertising, marketers are emphatically shifting their budgets to influencer marketing, which is conservatively predicted to reach north of $8 billion within five years. With its industry-first, proprietary automation platform, TapInfluence enables the world’s largest brands and agencies to achieve unprecedented scale and significant ROI from influencer marketing.
“It’s been a pivotal year for TapInfluence. With over 300 percent revenue growth in 2015 we’ve proven to ourselves, the industry and the investment community that given rapidly changing consumer behaviors the only reliable way to connect with them is through the individuals they trust,” said Promise Phelon, CEO, TapInfluence. “Today that success is validated by this funding round, which enables us to accelerate platform development, grow our marketplace and build out sales and support teams, all of which are requirements to maintain our rapid growth. We plan to double headcount by year end and continue opening additional offices.”
TapInfluence experienced monumental growth since bringing on Phelon as CEO in March 2015. In the past year the company successfully pivoted from a fully-managed services business to a SaaS model, revenues increased more than 300 percent and the company’s influencer marketplace grew nearly 450 percent. In support of this growth, TapInfluence recently established offices in Silicon Valley, headed by new CTO, Eli Gild.
“We look to add companies to our portfolio that will disrupt, advance and reshape marketing technology, and TapInfluence fits that mold perfectly,” said Mike Elliott, General Partner, Noro-Moseley Partners. “Influencer marketing is experiencing explosive growth as more brands realize it’s the most impactful and effective way to authentically reach consumers. By automating the influencer marketing process, TapInfluence has cut the risk, time and cost for brand marketers, while enabling them to achieve a degree of scale and tangible ROI that was previously non-existent.”
Today’s announcement brings TapInfluence’s total funding to $22.2 million. The company most recently raised $5 million in September 2013 from Grotech Ventures and Access Venture Partners.
TapInfluence facilitates real conversations between consumers and brands by enabling companies to tap into the power of digital influencers and their authentic, trusted voices. With its influencer marketing automation platform, TapInfluence customers increase market share and amplify revenue growth through scalable reach, optimized engagement and unprecedented ROI. In partnership with NCS (a joint venture between Nielsen and Catalina Solutions), TapInfluence proved that influencer marketing drives 11x the return on investment than any other form of digital media.
TapInfluence’s Fortune 1000 customers include Kraft, Horizon Organic, Silk, and P&G, as well as top agencies such as Golin, RhythmOne and AMP. TapInfluence is privately held, with headquarters in Boulder, Colo. and Mountain View, Calif. The company is backed by leading venture capital firms Noro-Moseley Partners, Grotech Ventures, Access Venture Partners and Knollwood Investment Advisory. For more information, visit www.tapinfluence.com.
About Noro-Moseley Partners
Noro-Moseley Partners, based in Atlanta, is a venture capital firm focused on early growth stage companies in the healthcare IT and services sectors and information technology sectors. Since 1983, NMP has been a leader in its market, investing more than $650 million in over 175 companies. The managers of NMP’s current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies. For more information, visit www.noro-moseley.com.
Kate Gundry, 617-797-5174