Influitive, a Toronto-based advocacy marketing company, has raised a Series B extension of $8.2 million, adding to their existing July Series B round, and adding new investors Leaders Fund and Export Development Canada to their previous roster of investors Georgian Partners, Relay Ventures, BDC Capital’s IT Venture Fund, OurCrowd and others, bringing the Series B total to $38 million.
Influitive has also acquired mobile app developer Ironark Software. Ironark has developed the work-life organization apps Hub and Workbase.
“Influitive’s aggressive growth plan and roadmap to create the advocate marketing category incredibly ambitious and exciting,” says Ironark co-founder and CEO Jonathan James. “We are thrilled to be joining the team and look forward to continuing to innovate.”
Ironark’s founders and lead developer will be joining Influitive’s product division.
“This additional investment strengthens an already deep bench of investors backing Influitive” said Influitive CEO and Founder Mark Organ. “The acquisition of Ironark brings strong talent to Influitive who align with our focus on community building and exceptional mobile experiences for our customers.”
Marketers use Influitive’s AdvocateHub to build communities of “advocates”, also known as people who are really very enthusiastic about a particular product or company, and then more or less gamify the process, through which advocates can earn points and status recognition “in exchange for activities that help promote the brand’s interests and reputation”, which can include generating user reviews on third-party websites, for example.
Influitive claims that one of its platform’s users, DocuSign, have leveraged advocate referrals and activities to the tune of an additional $3 million to their sales pipeline.
Organ was previously CEO of Eloqua, a marketing platform company that was bought by Oracle for $871 million, after which he founded Influitive in 2010, which has now raised approximately $50 million in outside investment.
Influtive’s rate of growth between their 2012 Series A fundraising round and Series B in July was 650%, with a 37x increase in recurring revenue.
Headquartered in Toronto, Influitive has offices in Boston, Palo Alto and San Francisco, with intentions to to expand internationally, adding London and Singapore offices in the near future.