NEWS23 January 2013

Optimal raises $7m in series B funding round

Financials North America

US — Social media analytics specialist Optimal has added $7m in series B funding with new participants including Warren Adelman, the former CEO of GoDaddy, and Silicon Valley Bank.

The company says it will use the funding to continue to expand its sales, marketing and engineering teams. It has also hired former LiveGamer SVP Paul Suh to take charge of the investment as its chief financial officer.

The cash injection follows an earlier series A investment from investors including Neu Ventures, Stonnington Asset Allocation Fund, and WGI Group, which is led by Mike Walrath, the founder and former CEO of Yahoo! Right Media. All of tjhese also participated in the funding round, alongside new firms DoubleRock, The Social Internet Fund, Siemer Ventures, Signal Ventures, John Pappajohn, Social Starts and James Altucher.

As part of its Series B, James Altucher and Suraj Kumar Rajwani of DoubleRock, are joining the company’s board of directors. Optimal founder and CEO, Rob Leathern (pictured), said: “Paul Suh brings the strong financial and operating expertise that will help us continue to rapidly scale the business in 2013 and beyond, and build upon our leadership in the space.”