High Alpha Capital Leads Investment That Will Grow Socio’s North American and EMEA Teams and Accelerate Product Development
Socio, the leading event management platform for organizations to optimize their live events, announced a completed raise of $6 Million in Series A funding. High Alpha Capital led the round with participation from Greenspring Associates. Mike Fitzgerald, partner at High Alpha, will join Socio’s board.
The funding will largely support two goals. First, it will help Socio rapidly grow its teams at the company’s North American headquarters in Indianapolis and EMEA office in Istanbul. Second, it will accelerate Socio’s development of new products to help customers put on successful conferences, trade shows, and internal and external meetings.
“The average B2B company spends around 22 percent of its marketing budget on events,” said Socio co-founder and CEO, Yarkin Sakucoglu. “When done right, events are the most powerful source of lead generation, brand exposure, and marketing ROI. Knowing how hard it is to execute events right, we want to give organizers a full-stack solution that simplifies their work and maximizes ROI across the entire event lifecycle.”
Along with announcing the raise, Socio also added two new products, Socio Lead Retrieval and Socio Live Display, to its event management platform. Like the Socio Event App, both products focus primarily on the in-event experience. They also align with Sakucoglu’s vision of Socio becoming “the only software event organizers need throughout the lifecycle of their events.”
Socio’s customers include names such as Google, Harvard, and Pinterest along with other major enterprises, associations, and universities. In a little over a year, its client base has grown to more than 400 customers in nearly 50 countries. Currently, the company holds a world-class NPS score of 83.
“Without Socio, it took me four weeks, a product manager, three developers, and a ridiculous amount of cash and monthly cloud fees,” said Pradeep U.N., director of customer and field experiences at Microsoft. “I was up with the same thing with Socio in four hours.”
In addition to its hiring wave, Socio is already developing several more enterprise-ready products. Next up is the company’s first pre-event product, which will focus on event registration.
“Socio is winning business from sophisticated event marketers with tools that are both simple and powerful, which is not an easy combination in B2B software,” said High Alpha’s Fitzgerald. “We’ve been incredibly impressed with this team and look forward to partnering with them as they continue building the premier event management platform for marketers.”