Synthio, formerly known as Social123, closed on a $10.5 million equity round to expand its Customer Data Platform. The Series B round was led by Fulcrum Equity partners, bringing its total funding to $18.5 million. Other participants included current investors Vocap Investment Partners, Spinnaker VC Direct, LLC, Bahns Stanley, Stanley Partners, Ellis Capital, Buckhead Investments, the AIM Group, and Silicon Valley Bank. The round valued the firm at $33.5 million.
Synthio will be dedicating the funds towards platform and product enhancements along with “significantly” expanding their sales, marketing, and customer success teams.
Synthio is perfectly positioned to become the must-have solution for business-to-business enterprise marketers tasked with managing complex and rapidly changing customer data. The new funding allows us to continue investing in our unique ability to synthesize 1st and 3rd party data into the highest quality contact, firmographic, and technographic profiles. Our contact-centric approach to customer data is unique in the market and is an indispensable solution designed to address the major pain points hampering marketers’ productivity and performance.
- Synthio CEO Aaron Biddar
Synthio emphasized the need for high quality data to fuel Marketing Automation Platforms and ABM campaigns.
“High quality leads and prospects are the mined gold on which companies spend fortunes and today’s marketers and sales professionals require that this data be in pristine condition,” said Jim Douglas, Partner at Fulcrum.
Synthio has over 200 active subscription customers and made the last two Inc. 5000 lists. According to Inc., the firm posted $2.8 million in revenue in 2015 with a 123% three-year Compound Average Growth Rate. The firm claims to have doubled their revenue in both 2015 and 2016.