B2B social media marketing platform developer Oktopost secures $20 million investment
With its first major investment received, the Israeli startup is expected to scale up its operations and plans to grow its workforce by 50% by the end of the year
Oktopost, which offers a B2B social media management platform, announced Thursday it has secured a $20 million minority investment from London-based growth equity firm Expedition Growth Capital. This is the first large-scale investment the company has received, as it has raised less than a million dollars since its inception in 2013.
The company describes its cloud platform as a “fully integrated platform for B2B social media marketing, employee advocacy, and revenue attribution,” and goes on to note it is “built on a single code base, where B2B marketers can curate content, organize, and easily manage campaigns for corporate social media accounts, employee advocacy and social selling.”
Oktopost is expected to use its new funds to advance its product, customer success services, marketing, and sales. Future strategic acquisitions are also a possibility. Oktopost’s team members are spread across Tel Aviv, London, and Atlanta and there are plans to grow its workforce by 50% in the second half of 2021.
Oktopost CEO and co-founder, Daniel Kushner stated that "Our mission from day one was to establish the first-ever B2B social media marketing platform with the ability to measure and quantify the value of social media in terms of lead generation, pipeline influence, customer acquisition, and ultimately ROI. As former B2B marketers, we know attribution and hard ROI are paramount and as a result, we have been the first movers in developing strong integrations that generate these for social marketing. As siloes breakdown between marketing and sales within B2B companies, and as social selling becomes more widespread, we believe Oktopost is uniquely suited to provide the functionality desired.”
“There are a number of social media tools out there catering for B2C companies but we haven’t seen a platform that is specifically tailored to the B2B journey until Oktopost. The ability to manage, track and analyze social activities is increasingly a must-have for B2B sales and marketing organizations,” Oliver Thomas, Managing Partner at Expedition Growth Capital, explained. “Daniel and Liad have built the best product in the market to serve this need. They have also built a terrific culture and we’re excited to be part of the journey from here,” he added. Thomas, along with Investment Director, Charles Covell, who led the investment, will join the Oktopost’s board of directors. Sales and marketing executive Rainer Gawlick will also be joining the board as a non-executive director.
Since its launch, Oktopost has already accumulated several hundred customers, among them ACI Worldwide, ChargeBee, ContentSquare, Fujitsu, Mitsubishi Electric, Snowflake, SWIFT, SUSE, and Xerox, and over 60% of the company’s revenues are from U.S.-based companies.