Hearsay Social, a Preferred Marketing Developer at Facebook Inc (NASDAQ:FB) has raised $30 million in private financing in its latest round of funding. The financing was led by Sequoia Capital and NEA, who are already investors in the company. Hearsay Social is a marketer involved in bringing social marketing tools to enterprise customers.
Today’s news brings the total amount of funding raised by the company so far to $51 million. The company said in a statement that it plans to use the new capital to invest in product development and international markets, as well as accelerating growth in the financial and insurance industries. Much of the success of the company has been in bringing social marketing to industries—like finance and insurance—that seem out of place on the Facebook Inc (NASDAQ:FB) social network.
Hearsay Social announced a group of milestones it has passed in recent times alongside its financing announcement. The company said that is has doubled its customer base over the last year, and has added many new features including sales, marketing and compliance capabilities.
Hearsay is also working on building its mobile capabilities, and has just opened a new office in London, its first move toward international expansion.
Facebook’s Preferred Marketing Developer
Hearsay Social is a Preferred Marketing Developer at Facebook Inc (NASDAQ:FB). That means the company is part of the social network’s attempts to increase the usability of its service for marketers and advertisers. The Preferred Marketing Developer program involves hundreds of companies spread across more than 45 countries, according to the Facebook Inc (NASDAQ:FB) page on the service.
PMDs are expected to build tools and features that make marketing on the Facebook Inc (NASDAQ:FB) platform easier for marketers. The social network is still young in terms of the development of its advertising capabilities. The program is designed to help speed the improvement of the services Facebook is able to offer its advertising clients.
The program involves the use of material straight out of the world of gaming, including the awarding of badges for companies that surpass specific goals. Hearsay Social has been successful in its endeavor so far, judging by the $30 million investors just pumped into it. Employees at the company cannot, it is assumed, be paid in virtual badges.
