Vitrue Scores $17 Million In Venture Capital

By Jackie Cohen Comment

Virtue just closed $17 million in funding, led by Scale Venture Partners and Advent Venture Partner, and plans to use the money to expand globally, hiring 150 more people and opening 10 new offices.

Participants in the funding included General Catalyst Partners and Dace Ventures. And on a related note, Scale Venture Partners’ Stacey Curry Bishop joins Vitrue’s board of directors.

Vitrue’s clients together have over 454 million fans, liking 2,000 pages in over 40 countries, and high-profile customers include Best Buy, Ford, JC Penny, McDonalds and Walt Disney.

The social media agency’s funding for global expansion comes four months after arch-rival Buddy Media obtained $23 million to expand its reach. Whether either of the two companies’ global growth will involve acquisitions remains to be seen, but

Vitrue will expand beyond its current base in Atlanta to open hub offices in New York, San Francisco, Dallas, Chicago, Detroit, Cincinnati, Los Angeles, London, Toronto and Singapore. Recruitment will include hires in customer service, technology, sales and marketing.

Expansion is something that Vitrue’s Chief Executive Officer, Reggie Bradford knows well. In his previous job at WebMD, he helped the company obtain $2 billion in funding to grow from 40 employees to 4,000.

This transaction, a Series C, brings the total amount of funding received by Vitrue to $29.2 million. The last deal occurred more than three years ago, in October, 2007, a $10 million Series B. And the company got $2.2 million in seed money back in May of 2006.