LoudCrowd, a Texas-based company raised $2.2 million in seed funding in a round led by LiveOak Venture Partners, with support from investor Active Capital and Angel investors including Steve Schaffer. It has raised about $2.28 million in funding in total, which involves a pre-seed round in 2019.
The startup is followers in “customer-led growth,” which is the idea that a brand’s most valuable marketers are its customers.
The funding will be used to balance the team in engineering, sales and marketing, and build new products, few of which will debut in 2021. It will include benchmarking brands, automating social marketing engagement, and measuring customer long-term value.
What LoudCrowd has to say
“Customers are the most powerful marketers. The concept of word of mouth has always been around, but in 2020, the opportunity for customers to amplify a brand is more important than ever. The reach of the content that customers provide is more than a brand can do”, Gary Garofalo, founder of LoudCrowd said.
Justin Papermaster, co-founder of LoudCrowd said in an interview, “We went live in January, and growth has been explosive since May.” “When the pandemic dust settles, people may not be going into stores, but they will want to know what their friends are buying. COVID has created huge tailwinds, including month-over-month revenue of 40 percent,” he also added.
What Active Capital has to say
Pat Matthews, founder of Active Capital said, “There is such an overload of paid and influencer based marketing in the market right now, leaving audiences fatigued and craving authenticity. LoudCrowd makes it incredibly easy for brands … in a time where they desperately need it.”
What LiveOak has to say
David Stewart, venture partner at LiveOak said, “We believe that we are witnessing the democratization of marketing and that the most successful brands in the world will increasingly leverage their customers to grow.” “LoudCrowd has built a platform that enables brands to scale their earned media with measurement tools and customer incentives,” he also added.
LoudCrowd was founded in 2019 in Austin, Texas by Gary Garofalo and Justin Papermaster. It is a SaaS company which redefines the way brands interact and invest with their customers as a means for growth. It emphasises a user-generated content platform which gives analytics that brands can use in order to see which customers, influencers, and content are encouraging the most value and automated rewards programs to assist customers to post on social media.
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