SocialVibe, a digital advertising technology company based in Los Angeles, recently secured $20 million in equity financing from Norwest Venture Partners, along with existing investors Redpoint Ventures, Jafco Ventures and Pinnacle Ventures. Jeff Crowe from Norwest Venture Partners will be joining SocialVibe’s board of directors. The company plans to use the growth capital to further spread its brand engagement advertising platform around the world.
Social Vibe has worked with GE, Best Buy, Disney, Nestle, McDonalds, Coke, American Express, AT&T and Toyota. During the 2011 Super Bowl, the company placed Kia Motor ads across Zynga’s network of games, including FarmVille, PetVille and Mafia Wars, giving 100 million social game players free Zynga game currency in exchange for interacting with an ad for a new Optima mid-size sedan.
“With consumers now in control of the conversation, brands are hungry for technologies that enable them to target an audience at scale, create an emotional connection and drive purchase intent,” said Jeff Crowe, general partner of Norwest Venture Partners in a statement. “SocialVibe is changing the nature of the brand advertising model, and the company’s early success with hundreds of leading brands simply reinforces that the time is right for a shift of brand dollars to social media.”
Added Jay Samit, CEO of SocialVibe, “By engaging with consumers at a time when they are most receptive, SocialVibe empowers ad agencies to get the most out of their clients’ media dollars. We’re honored to have Norwest Venture Partners join us as both an investor and as an integral part of our Board of Directors as we continue to transform brand advertising online.”