Total amount raised
$237.8 Million
Latest funding date
3/1/2023
Location
SOCi has successfully raised funding through nine rounds, attracting 21 investors, including notable names like JMI Equity and Vertical Venture Partners. The company specializes in AI-powered marketing solutions designed to enhance multi-location businesses.
With a focus on automating workflows and unifying data, SOCi's platform offers a range of tools to improve local visibility and engagement. Keep reading to explore the intricacies of SOCi's fundraising journey and the investors backing this innovative platform.
What Is SOCi?
SOCi is a leader in AI-powered marketing solutions tailored for multi-location businesses. Founded in San Diego, California, the company operates within the advertising, artificial intelligence, marketing, and software industries. SOCi employs between 501 and 1000 people.
The company focuses on providing advanced tools to help businesses manage their marketing efforts across multiple locations. SOCi's platform automates various marketing tasks, including local SEO, social media management, and review monitoring, aiming to save time, increase engagement, and maximize revenue for its clients.
How Much Funding Has SOCi Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: November 2014
- Lead Investors: Peter Fisher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the platform and attract early customers.
- Convertible Note
- Amount Raised: USD 2,250,000
- Date: February 2016
- Lead Investors: Peter Fisher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and scale operations.
- Series A
- Amount Raised: USD 8,500,000
- Date: April 2017
- Lead Investors: Grayhawk Capital, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and increase market penetration.
- Series B
- Amount Raised: USD 10,500,000
- Date: August 2018
- Lead Investors: Ankona Capital Partners, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Series C
- Amount Raised: USD 15,000,000
- Date: December 2019
- Lead Investors: Ankona Capital Partners, Grayhawk Capital, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI capabilities and expand into new markets.
- Series D
- Amount Raised: USD 80,000,000
- Date: January 2021
- Lead Investors: Ankona Capital Partners, JMI Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI-driven marketing solutions.
- Series Unknown
- Amount Raised: USD 120,000,000
- Date: March 2023
- Lead Investors: JMI Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in AI marketing products and expand into new markets.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and strategic initiatives.
Total Amount Raised: USD 237,250,000. Current Valuation: Not publicly disclosed.
Key Investors
- JMI Equity
- Details: JMI Equity is a growth equity firm focused on investing in leading enterprise software companies. Founded in 1992, it has invested in over 175 businesses and successfully completed over 110 exits.
- Investment Focus Areas: Enterprise software, healthcare IT, financial technology.
- Notable Investments: ServiceNow, PointClickCare, Seismic.
- Vertical Venture Partners
- Details: Vertical Venture Partners is a venture capital firm that invests in early-stage technology companies. It focuses on enterprise software, data analytics, and other technology sectors.
- Investment Focus Areas: Enterprise software, data analytics, hardware.
- Notable Investments: Moogsoft, CloudGenix.
- Blossom Street Ventures
- Details: Blossom Street Ventures is a venture capital firm that invests in growth-stage companies. It focuses on technology and software sectors.
- Investment Focus Areas: Technology, software.
- Notable Investments: Apptegy, Cloudbeds.
- Renew Group Private Limited
- Details: Renew Group Private Limited is a strategic investor and owner of 5-hour Energy International and other innovative products. It focuses on consumer products and innovative solutions.
- Investment Focus Areas: Consumer products, technology, healthcare.
- Notable Investments: 5-hour Energy International.
- Ankona Capital Partners
- Details: Ankona Capital Partners is a venture capital firm that invests in early and growth-stage technology companies. It focuses on enterprise software and other technology sectors.
- Investment Focus Areas: Enterprise software, technology.
- Notable Investments: Not publicly disclosed.
What's Next for SOCi?
SOCi stands at the cusp of significant opportunities, driven by the increasing demand for AI-driven marketing solutions. The company plans to expand into international markets and new verticals, leveraging its recent $120 million funding to enhance its AI capabilities and develop new products. This expansion is expected to significantly boost its market presence and customer base, which already includes over 700 enterprises.
Future fundraising opportunities appear promising, given SOCi's strong growth trajectory and investor confidence. The company may seek additional investments to support its ambitious plans, including potential mergers and acquisitions to further enhance its platform. However, SOCi will need to navigate challenges such as managing rapid growth, staying ahead of competitors, and ensuring the quality and compliance of its AI-driven solutions.
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