Social technology firm Betapond is building on its three years’ worth of experience working with global brands on Facebook having raised €2m in a new funding round led by The Ulster Bank Diageo Venture Fund, managed by Investec Ventures.
Betapond will now use the funds to accelerate development of its social commerce offering, powering product recommendations from other Facebook users the consumers trust and aiming to increase brand affinity and loyalty.
The funding will enable Betapond to launch a set of solutions for retailers making it quick and easy for them to personalise the consumer shopping experience, leveraging the social data represented by Facebook’s 1.1 billion users and what they’re interested in.
“We are thrilled to secure this new round of investment...This funding enables the company to accelerate its development and go-to-market plan to be a global leader in social commerce solutions,” said Betapond CEO and co-founder Declan Kennedy.
Leo Hamill, partner, Investec Ventures, added: “We are delighted to complete this investment in Betapond and look forward to supporting them as they continue growing and developing the business. The company has already established itself as a Facebook Preferred Marketing Developer and has a proven ability to build relationships with some of the world’s best brands.”
Delta Partners and Irrus Investments also participated in the funding round, with Delta participating from its expansion stage fund, Delta Equity Fund III Ltd Partnership.
John Kenny of Delta Partners commented: “Over the past 18 months, Betapond has laid the foundation for its social recommendation product offering. We are pleased to welcome Investec Ventures to the table at this pivotal time in the Company’s development.”