April 22, 2015
The Baltimore, MD-based SocialToaster announced Monday that it has raised $1.9 million bridge round of funding from investors such as Under Armour CEO Kevin Plank, SFP Capital, Blu Venture Investors, and David Abrams. The company also announced that it has acquired the Los Angeles, CA-based marketing firm FLG Psyche.
This new financing brings SocialToaster‘s overall funding to $6 million. Coupled with the acquisition of FLG Psyche, the company plans to grow into new markets, including Los Angeles, New York, and London. According to Technical.ly Baltimore, the two companies have been working together for approximately 18 months. The acquisition brings on five new employees to the SocialToaster team, bringing its team to 31 employees.
An alumnus of Tech Cocktail’s Baltmore Mixer back in 2011, SocialToaster offers a platform that enables their client companies to market their respective brands by utilizing existing customers’ social networks. With the new funding, the company hopes to develop a more compact version of this platform for smaller companies and individuals. Currently, SocialToaster serves companies like UNICEF, Sony Pictures, Viacom, and the Baltimore Ravens.
SocialToaster most recently expanded its offices at the Emerging Technology Centers at Johns Hopkins Eastern. Using the new financing, the company plans to make new hires this year in programming, engineering, and sales.
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