Collective Bias, the Bentonville, Ar.-based company pioneering the field of social shopper media, secured $10.5 million in funding.
The funding is expected to help the innovative media company continue to drive growth by creating greater engagement among shoppers, brands and retailers. The firms said 2012 was its third consecutive year of triple digit growth and the series A funding round led by Updata Partners represents the opportunity for Collective Bias to accelerate key business initiatives including expansion to international markets.
"We believe that social shopper marketing is the evolution of shopper media, and supplants tired traditional media like FSI’s, retail circulars and digital display advertising," said John Andrews, co-founder and CEO of Collective Bias. "This investment round provides Collective Bias with runway to extend our four year leadership role in this new media category. We will employ these dollars to robustly enhance our Social Fabric content management platform, enter new markets and grow our team."
Social Fabric is a proprietary community of more than 1,400 shopping-focused influencers, blending members’ shopping experience and product usage through engaging stories that are published online and shared with like-minded friends and followers. With an aggregate multichannel reach of more than 50 million, the Social Fabric community represents an extension of the Collective Bias team, providing continuous feedback that has redefined the relationship between brands, retail clients and consumers, according to the company.
"Harnessing the power of social media to drive brand recognition, loyalty and sales are C-level priorities for consumer-focused companies, and Collective Bias has a record of delivering impressive results for its customers," said Jon Seeber of Updata Partners.
Updata Partners is a leading technology-focused growth equity firm with nearly $500 million of capital under management. Updata invests in high-growth technology-enabled services, software, and Internet companies with innovative intellectual property and market-leading solutions.