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Referral marketing platform Extole snags $14 mln Series C

San Francisco-based referral marketing platform Extole has raised $14 million in Series C funding. Scale Venture Partners led the round with participation from Norwest Venture Partners, Redpoint Ventures, Shasta Ventures and Trident Capital. In conjunction with the funding, Stacey Bishop, a partner at ScaleVP, has been added to Extole’s board of directors.

PRESS RELEASE

San Francisco, Calif., December 8, 2014 — Referral Marketing leader Extole has added $14 million in Series C funding — led by Scale Venture Partners with participation from Norwest Venture Partners, Redpoint Ventures, Shasta Ventures, and Trident Capital — driven by strong growth among large customers that use Extole’s technology to acquire new customers.

Extole’s platform has already driven over six million consumers to share more than 15 million referrals. The San Francisco–based SaaS provider plans to use the funding to further fuel growth of its referral platform among large national and international brands.

Consumer marketers are looking beyond search and display to referrals, and Extole has grown quickly on the strength of a flexible, robust referral marketing platform.

International apparel retailer Boden chose to partner with Extole because its platform allows Boden to operate multiple, simultaneous campaigns to different audiences. “We run multiple campaigns to our customers. Each needs different promotional placements and creative executions,” said Shanie Cunningham, Head of US Marketing at Boden. “Extole’s solution lets us control all these moving parts and also lets us analyze and optimize campaigns separately to achieve the best results.”

ScaleVP’s support reflects the capability of Extole’s platform and the way its veteran marketing SaaS team sees referrals’ value within a broader marketing context. “One of CMOs’ biggest challenges is to find ways to reach new customers. With its referral platform, Extole empowers customers to leverage their own biggest advocates to acquire new ones,” said Stacey Bishop, Partner at ScaleVP, who joins the Extole Board of Directors. “I look forward to working with Matt and the team during their next phase of growth.”

At Virgin America, referrals go beyond acquisition. Sylvie Charbonnier, with Virgin America’s Elevate Partnerships, wants to connect with their loyal customers: “As an airline with a high net promoter score, travelers tend to be advocates once they fly Virgin America. Extole allows us a unique technology to capture and spread word of mouth around the positive experiences people have once they fly us.”

Extole will use the added capital to further cement its position as the dominant referral marketing platform and to continue development of new functionality to help marketers acquire new customers everywhere and deepen loyalty among their everyday advocates. “We are just scratching the surface,” said Matt Roche, Extole CEO. “With each brand we add to our platform, we are proving that referrals are the new engine of customer growth. Put simply, we acquire better customers for our clients.” Regarding the investment, “We view Scale Venture Partners as one of the elite few in SaaS marketing, and we are thrilled to work with them.”

“Extole’s platform delivers the clarity we associate with our other direct channels,” said Matt Kritzer, Vice President of eCommerce at Tommy John. “We’ve been able to test and tailor strategies to find the most effective way to target different segments of our customer base through referrals.”

This ability to segment audiences, analyze program success, and fine-tune performance based on results is what has set apart Extole’s solution from others in the referral marketing space.

About Extole
Extole enables marketers to acquire new, high value customers at scale by rewarding existing customers. Its industry-leading referral platform helps brands take advantage of a unique resource they already have in front of them: their current customers. Extole has helped over 500 innovative retail, financial services, and consumer subscription brands acquire new customers using our platform. They include Advance Auto Parts, Intuit, Kraft, Seamless, Vistaprint, and more. To learn more, visit www.extole.com.