Shoutlet Snags $5M More to Help Big Brands Boost Social Marketing
Shoutlet has raised $5 million to continue growing its social media analytics and marketing business, a new SEC filing shows.
Including the new financing, which is a combination of debt and stock options, Madison, WI-based Shoutlet appears to have raised a total of at least $31.2 million, according to SEC documents and past press releases. Company officials couldn’t immediately be reached today to confirm that amount or comment on how Shoutlet intends to use the latest infusion of cash. Shoutlet’s backers include Madison-based American Family Insurance, Origin Ventures, Leo Capital Holdings, and FTV Capital.
The new funding is notable because there aren’t many Wisconsin tech companies that have attracted as much venture capital as Shoutlet.
Shoutlet was founded in 2004 by Jason Weaver, who led the company until 2013. Weaver then founded mobile marketing startup Spendship and moved to Nashville, TN. Spendship raised $1.6 million from investors before its acquisition by Boston-based adtech company Moontoast last year. Moontoast later changed its name to Spendsetter, named Weaver its CEO, and set up headquarters in Nashville.
Weaver helped grow Shoutlet into an international operation serving some of the most well-known brands. The company, now led by enterprise software veteran Mark Herrington, recently said it enjoyed record revenue growth in 2014, although it declined to share specifics.
Shoutlet sells cloud-based software that helps big companies measure the impact of online marketing campaigns so they can better understand and engage with customers, ultimately boosting sales. It has more than 600 clients, including Four Seasons, Orbitz, Best Buy, Fox Sports, Forever 21, Lowe’s, and Martha Stewart Living Omnimedia. Shoutlet currently has offices in Madison, Atlanta, and London, although at one point its locations included New York, Chicago, San Francisco, and Salt Lake City.