Social media management co Tracx raises $3.5m

The proceeds will be used to launch its innovative Social Leads product and expand globally.

Tracx Inc., which makes software tools that enable enterprises to leverage social media's untapped potential across the enterprise, has closed an additional $3.5 million in funding to launch its innovative Social Leads product and expand globally. Tracx Social Leads allows businesses to identify and engage with prospective customers based on intent identified across multiple social media platforms.

Previous Tracx investor, Flybridge Capital Partners, led this latest round of funding alongside other early investors, Revel Partners and Rutledge Partners.

Flybridge Capital Partners general partner Jeffrey Bussgang said, "Sorting through and acting on the immense amount of data that is being produced over social media channels by their audiences is a big problem for enterprises- and that is an opportunity for tracx."

He added, "Tracx mines social conversations to shine a light on where there really is business opportunity or where there are storm clouds so enterprises can act."

Tracx will use the funds to roll out Social Leads globally, now in final beta, with an expected launch next month. Tracx Social Leads helps businesses directly tie sales leads to social outreach: it automatically organizes prospects according to where they are in the buying process (e.g. initial awareness, researching, purchasing, or brand loyalty from previous transactions). Sales professionals and social marketers won't just be given a static report, but an instantaneous ability to jump into a specific social conversation, interact with that person and potentially win over a new customer.

Tracx CEO and founder Eran Gilad said, "Enterprises are seeking a way to tie revenue directly to social program investments. We want to take social out of its silo and generate the metrics that show a return on investment for every part of the enterprise - and sales is the next mountain we've chosen to tackle."

More than 250 businesses worldwide use Tracx social media management and analytics to tracx. In 2012, tracx's revenues quadrupled from the prior year and tracx doubled its staff to better support its rapid growth.

Tracx was founded in 2008 by Gilad along with Asaf Shtekler, VP business Ofer Fort, head of R&D, Niv Singer, CTO and Noam Singer, software engineer. The company is headquartered in New York, has an office in London and its development center in Tel Aviv.

Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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