SocialMedia raises $6 Million Series B Funding

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San Francisco: U.S. based SocialMedia, an advertising network has secured Series B financing of $6 million from IDG Ventures SF with co-investment from Charles River Ventures. It had raised the Series A funding through the Charles River Ventures QuickStart program. The social advertising network provides Word-of-Mouth ads as their primary product, which are sold to brand advertisers. The ads are shown within a social network like Facebook, MySpace or Twitter to the friends of the user who engages with branded content. In the majority of the cases, the process starts when a consumer interacts with an opt-in banner (where they answer a question, fill out a poll, etc.) the results of their interactions are then delivered to their friends through the Word of mouth ad. The fund raised will be used to expand itself and build up the sales team."We are in a great position to now work on corporate partnerships and grow our sales team and are thrilled to have IDG Ventures SF as a financial partner in our business," said Seth Goldstein, CEO and co-founder of SocialMedia Networks. Commenting on the investment on Social Media, Alex Rosen, Managing Director at IDG Ventures SF said, "We are excited to become investors in SocialMedia, and are looking forward to applying our media business expertise towards building out its sales and increasing its partnership activity."

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