Extole, a San Francisco, CA-based provider of a platform for brands to leverage referral marketing to acquire new customers at scale, raised $5m in funding.
Backers included Norwest Ventures, Shasta Ventures, Redpoint Ventures and Trident Capital.
The company intends to use the funds to develop as it prepares for a new product launch in early 2014.
Led by CEO Matt Roche, CTO Mark Cyster, and VP of Marketing Chris Duskin, Extole provides CMOs and digital marketers with a SaaS referral marketing platform to create an acquisition channel by encouraging customers to refer new customers.
The company has launched referral marketing programs for more than 400 innovative brands including Seamless, AMC, Spotify, Provide-Commerce, Vistaprint, Advanced Auto Parts, Shutterfly, etc. New customers include Forbes, Grubhub Seamless, The Economist, American Giant, Criquet Shirts, and Manilla.