NEWS29 July 2011

Hearsay Social and Crowdtap bag venture capital funding

Financials North America

US— Venture capital firms are continuing to invest big in social media research and marketing companies, with monitoring and management platform Hearsay Social and brand community builder Crowdtap the latest recipients of funds.

Hearsay bagged $18m in a Series B financing round led by New Enterprise Associates, with participation from existing investor Sequoia Capital, while Crowdtap raised $7m in a Series A round supported by Foundry Group, GSA Venture Partners and Mr Youth, which was a seed investor in the business.

The Hearsay platform is specifically designed for brands with local branches and representatives who want to centrally manage, monitor and deploy content on sites like Facebook, Linkedin and Twitter. Crowdtap, meanwhile, pulls together communities of “brand influencers” to take part in polls and discussions. Participants are largely recruited through Facebook.