Syncapse Corp., a Toronto, Canada-based social media technology company, closed a $2m round of financing with the Business Development Bank of Canada (BDC).
The funds will be used for further development of Syncapse’s suite of technology products for global marketers. In its first round of financing the company raised US$3.3m. The initial funds were used to fuel Syncapse’s global expansion and invest in product development for SocialTALK™, a social media management software for brand marketers and agencies.
The company invested nearly $10m in product development in 2010 and is on track to invest a similar amount in 2011.
Syncapse, which currently employs 140 social technology practitioners in Toronto, New York, London and Portland, plans to add more professionals in the areas of sales, technical development and marketing.