*A correction was made to this story.
Toronto – Syncapse, a developer of social media technology,
announced on Wednesday that it has raised $2 million in new financing from the
Business Development Bank of Canada.
Founded in 2007, Toronto-based Syncapse
offers social media management software for brand marketers and agencies.
company raised $3.3 million in a first round of private equity financing
earlier this year, and says it invested nearly $10 million in product
development in 2010.
Syncapse will use the new funds for further product
development, and to hire additional sales, technical development and marketing
*Correction: An earlier version of this story incorrectly stated the amount raised as $4 million.