Total amount raised
$237.8 Millions
Latest funding date
3/1/2023
Location
SOCi has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform leverages AI to enhance multi-location marketing, offering a suite of tools designed to automate and optimize marketing tasks.
Keep reading to explore the intricacies of SOCi's fundraising journey and the investors backing this innovative platform.
What Is SOCi?
SOCi, founded in 2014 by Afif Khoury, Alo Sarv, and Tony Rindsberg, is headquartered in San Diego, California. The company specializes in AI-driven marketing solutions for multi-location enterprises.
With a workforce of 501-1000 employees, SOCi's platform automates various marketing tasks to enhance local visibility, engagement, and revenue. Their suite of products includes Genius Search, Genius Social, Genius Reviews, Pages, Boost & Ads, Chat, Surveys & Forms, and Locator.
SOCi empowers businesses to strengthen their digital presence across local search and social pages while protecting their online reputation. The platform uses generative AI and machine learning to offer actionable insights and recommendations, automating important workflows at scale.
How Much Funding Has SOCi Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: November 2014
- Lead Investors: Peter Fisher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the core platform.
- Convertible Note
- Amount Raised: $2.3M
- Date: February 2016
- Lead Investors: Peter Fisher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Series A
- Amount Raised: $8.5M
- Date: April 2017
- Lead Investors: Grayhawk Capital, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Series B
- Amount Raised: $10.5M
- Date: August 2018
- Lead Investors: Ankona Capital Partners, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series C
- Amount Raised: $15M
- Date: December 2019
- Lead Investors: Ankona Capital Partners, Grayhawk Capital, Vertical Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve platform capabilities.
- Series D
- Amount Raised: $80M
- Date: January 2021
- Lead Investors: Ankona Capital Partners, JMI Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand AI-driven marketing solutions and increase market penetration.
- Venture Round
- Amount Raised: $120M
- Date: March 2023
- Lead Investors: JMI Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in AI marketing products and expand into new markets.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support mergers and acquisitions, customer success, and international expansion.
Total Amount Raised: $237.8M. Current Valuation: Not publicly disclosed.
Key Investors
- JMI Equity
- Details: JMI Equity is a growth equity firm that specializes in investing in leading enterprise software companies. Founded in 1992, JMI has invested in over 175 businesses and raised more than $7.5 billion of committed capital.
- Investment Focus Areas: Enterprise software, technology, growth-stage companies.
- Notable Investments: ServiceNow, DoubleClick, PointClickCare.
- Vertical Venture Partners
- Details: Vertical Venture Partners (VVP) is a venture capital firm that invests in early-stage technology companies. They focus on companies that have the potential to become market leaders in their respective sectors.
- Investment Focus Areas: Technology, early-stage companies, market leaders.
- Notable Investments: Not publicly disclosed.
- Ankona Capital Partners
- Details: Ankona Capital Partners is a growth equity firm that invests in high-growth technology companies. They aim to support companies through their growth stages to achieve market leadership.
- Investment Focus Areas: Technology, growth-stage companies, market leadership.
- Notable Investments: Not publicly disclosed.
- Grayhawk Capital
- Details: Grayhawk Capital is a venture capital firm that focuses on early to growth-stage technology companies. They provide capital and strategic support to help companies scale and succeed.
- Investment Focus Areas: Technology, early to growth-stage companies, strategic support.
- Notable Investments: Not publicly disclosed.
- Peter Fisher
- Details: Peter Fisher is an angel investor known for his early-stage investments in technology startups. He has a track record of identifying and supporting innovative companies in their formative years.
- Investment Focus Areas: Technology startups, early-stage companies, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for SOCi?
SOCi stands at the cusp of significant growth opportunities, driven by the increasing complexity of digital marketing channels. With $120 million in recent funding, the company is well-positioned to expand its AI-driven "Genius" product line and enter new vertical markets, including manufactured goods. This expansion is bolstered by the growing trend towards centralized marketing management solutions, which SOCi is uniquely equipped to provide.
Future fundraising opportunities appear promising as SOCi continues to innovate and scale its operations. The strong investor confidence demonstrated in the latest funding round suggests that additional capital could be secured to further enhance their platform and market reach. However, the company will need to navigate challenges such as intense competition and the rapid pace of technological change to maintain its growth trajectory.
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