New York — Buddy Media, a company that provides a service that helps advertisers manage their presence on social networks such as Facebook, raised $54 million in a Series D round let by GGV Capital.
Joined by Bay Partners, Institutional Venture Partners and new investor Insight Venture Partners, the company will use the financing to fuel expansion in Europe and double the size of the company’s staff. With their previous $28 million Series C round, the company’s total funding comes to more than $90 million.
“Buddy Media is at the center of the largest two-way communications revolution that the world has ever seen,” said Michael Lazerow, CEO and founder, Buddy Media. “Our new funding ensures we have the resources necessary to accelerate the growth of our large, fast-growing software business. I am truly ecstatic to be working with such an amazing group of investors, and believe it’s a testament to our success thus far.”
Although the company is probably best known for its partnership with Facebook, the New York-based service works with over 200 customers, including ESPN, Hanes, Ford Motor Company, Virgin Mobile USA and others.
Last month the company opened its European Headquarters in London where they brought on Luca Benini, a senior executive from comScore, as its managing director.
With this latest funding round, Buddy Media is now valued at over $500 million.