Influitive, an advocate marketing expert firm, announced that the company has raised an additional $8.2M in a Series B extension round.
The additional financing comes from new investors Leaders Fund and Export Development Canada (EDC). Returning investors include Georgian Partners, Relay Ventures, BDC Capital IT Venture Fund and OurCrowd, as well as several angel investors.
Wednesday’s announcement brings the total Series B round investment to more than $38M and the total amount raised by the company since it was founded in 2010 to approximately $50M. Influitive also revealed that it has acquired startup company, Ironark Software.
“This additional investment strengthens an already deep bench of investors backing Influitive. The acquisition of Ironark brings strong talent to Influitive who align with our focus on community building and exceptional mobile experiences for our customers.”
David Stein, managing partner of the Leaders Fund, commented:
“The momentum behind Influitive and the advocate marketing category they have created is impressive. With their strong execution in a growing market with huge potential, we are delighted to help Influitive accelerate past the $20 million annual recurring revenue level that we define for new category leaders. As an evergreen investment fund, we are committed to Influitive’s long-term vision, and believe this financing and acquisition will further enable it.”
Ironark co-founder and CEO, Jonathan James, added:
“Influitive’s aggressive growth plan and roadmap to create the advocate marketing category incredibly ambitious and exciting. We are thrilled to be joining the team and look forward to continuing to innovate.”