NEWS6 January 2012

$53m for community firm Lithium

Financials North America

US— Lithium, a provider of online community technologies, has completed a $53.4m round of financing from new and existing investors.

The company has developed what it calls a Social CRM Suite, encompassing forums and blogging tools, to allow customers to interact with companies, and companies to source new ideas, feedback and insights.

This latest round of financing is a Series D round. Lithium raised $18m two years ago and a further $12m two years before that. Customers include Best Buy, AT&T and PayPal.

CEO Rob Tarkoff, appointed in August, said the funding would give the firm the operational flexibility and financial strength to double in size in 2012. “It’s clear that brands will continue to go social in an even bigger way in 2012 and beyond,” said Tarkoff (pictured).