Extole has raised $5 million in funding. Norwest Ventures, Shasta Ventures, Redpoint Ventures and Trident Capital were the investors. The capital infusion will be used for product development. Also, Extole has named Mark Cyster as chief technology officer and Chris Duskin as VP of marketing. Headquartered in San Francisco, Extole is a referral marketing platform.
San Francisco, Calif., December 10, 2013 –Extole enables brands to use the power of referral marketing to acquire new customers at scale. As brands look to customer-driven referrals to drive growth, Extole has emerged as the platform of choice for CMOs and savvy digital marketers. As such, in the past year Extole has seen 85 percent increase in customer growth and is primed to shape the future of referral marketing technology in 2014 and beyond.
To further the company’s success and new product development, Extole added $5M from Norwest Ventures, Shasta Ventures, Redpoint Ventures, and Trident Capital. The funding will be used to fuel development as the company prepares for a new product launch in early 2014.
“Marketers shouldn’t have to make a choice between acquisition and advocacy. They have the right to reward their own customers for their support, not just write checks to Google,” said Extole CEO Matt Roche.
Extole also announced the addition of industry veterans Mark Cyster, Chief Technology Officer, and Chris Duskin, VP of Marketing, to the executive team. Cyster and Duskin bring extensive ecommerce and SaaS expertise to Extole and worked with Extole CEO Matt Roche at Offermatica. While together, they established Offermatica as one of the first successful marketing technology testing companies before being acquired by Adobe in 2007.
Prior to Extole, Cyster was Director of Engineering at Jive Software and Vice President of Engineering at Omniture where he led development of their big data optimization and personalization solutions. Duskin, former VP of Product at Badgeville, previously managed all the marketing conversion products within the Adobe Marketing Suite and led both product and marketing strategies at Offermatica.
“We are thrilled with the team, their vision, and the trajectory of the company,” said Chris Moore, Partner at Redpoint Ventures. “Together Roche, Cyster, and Duskin are experts in digital marketing and given their prior successes, it was a natural fit to bring that synergy here to drive the company in this rapid growth stage.”
Fueled by the rise of ecommerce and the widespread adoption of social networks, Extole’s business has been on a high growth trajectory. In the past year, Extole’s referral marketing customer base has grown by 85 percent, adding well-known customers in the financial services, ecommerce, retail, and online subscription markets. New customers include Forbes, Grubhub, Seamless, The Economist, American Giant, Criquet Shirts, and Manilla to name a few. Extole has powered over 400 referral marketing campaigns and manages tens of millions of dollars in referrals and promotions.
American Giant, the American-made apparel manufacturer and ecommerce retailer, leverages Extole to drive 10% of all ecommerce transactions. “Our research clearly demonstrated that our customers naturally share our brand and the products they love with their friends. Extole enables us to offer those customers a reward for that loyalty,” said Don Pillsbury, VP Sales and Marketing at American Giant. “The platform also gives us control over the entire referral experience and supports optimization across all touch points. Being able to customize programs for our audience has helped us turn referral marketing into an incredibly valuable customer acquisition channel.”
Extole enables brands to acquire new, high value customers at scale with its referral marketing platform. With Extole’s simple, turnkey SaaS platform, marketers create a complete, efficient, and reliable acquisition channel by encouraging their customers to refer new customers. Extole has launched referral marketing programs for more than 400 innovative brands including Seamless, AMC, Spotify, Provide-Commerce, Vistaprint, Advanced Auto Parts, Shutterfly and more. To learn more, visit www.extole.com.