Social media management firm Buddy Media gets $54m

The company’s technology is designed to help brands and advertisers launch, maintain and measure their social media presences and campaigns. It impressed the marketing services group WPP, which invested $5m and formed a global partnership with the firm in October last year.

Buddy Media opened its European headquarter last month with former ComScore executive Luca Benini as managing director, while in May it acquired social commerce and analytics specialist Spinback.

CEO Michael Lazerow said: “Buddy Media is at the centre of the largest two-way communications revolution that the world has ever seen. Our new funding ensures we have the resources necessary to accelerate the growth of our large, fast-growing software business.”