Toronto-based Influitive, a B2B advocate marketing platform, announced that it has raised an additional $8.2 million in a series B extension.
The additional financing comes from new investors Leaders Fund and Export Development Canada (EDC), and returning investors like Georgian Partners, Relay Ventures, BDC Capital IT Venture Fund, and OurCrowd. Several angel investors also joined the round.
“The momentum behind Influitive and the advocate marketing category they have created is impressive,” said David Stein, managing partner of the Leaders Fund. “With their strong execution in a growing market with huge potential, we are delighted to help Influitive accelerate past the $20 million annual recurring revenue level that we define for new category leaders. As an evergreen investment fund, we are committed to Influitive’s longterm vision, and believe this financing and acquisition will further enable it.”
This additional funding brings Influitive’s total funding for its series B to $38.7 million. Since it was founded in 2010, the company has raised about $50 million.
“We will be releasing more innovative products that are synergistic with our core offering to provide the most complete advocate marketing solution on the market,” Mark Organ, CEO and founder of Influitive, said to BetaKit at the time of its initial Series B announcement. “Influitive will also soon expand to other markets overseas to support our global customers and identify new candidates for growth.”
At the same time, the company announced that it has acquired Ironark Software, the company behind home and family organizer app Hub and business task manager Workbase. The Ironark founders and lead developer will join Influitive’s product division, and contribute their expertise to expanding advocate communities to mobile.
“This additional investment strengthens an already deep bench of investors backing Influitive,” said Mark Organ, CEO and Founder of Influitive. “The acquisition of Ironark brings strong talent to Influitive who align with our focus on community building and exceptional mobile experiences for our customers.”