Influencer marketing automation platform TapInfluence has secured $14 million in funding to fuel growth. Noro-Moseley Partners led the financing round, with help from existing investors Grotech Ventures and Access Venture Partners, and new investor Knollwood Investment Advisory.
The platform is designed to leverage demographic, performance and audience data to connect brands with relevant influencers. The solution can then provide multichannel behavioral analytics on how consumers are engaging with the user’s influencer campaigns.
“It’s been a pivotal year for TapInfluence,” said CEO Promise Phelon. “With over 300% revenue growth in 2015, we’ve proven to ourselves, the industry and the investment community that, given rapidly changing consumer behaviors, the only reliable way to connect with them is through the individuals they trust. Today that success is validated by this funding round, which enables us to accelerate platform development, grow our marketplace and build out sales and support teams, all of which are requirements to maintain our rapid growth.”
TapInfluence has experienced immense growth since the appointment of Phelon as CEO in March 2015. In the past year, the company transitioned to a SaaS model, which led to a 300% increase in revenue.
TapInfluence has raised a total of $22.2 million in funding to date and plans to double its headcount by the end of the year, as well as open additional offices.