Recommendations seem to safest way to shop these days. According to searchengine.com, 76% of consumers are finding out about new products and services through recommendations. These same consumers are also depending on this for trustworthy reviews. Before a consumer even enters a store (physical or digital), they have the chance to interact with a brand. Through social and mobile integrations, brands are reaching these consumers in new and creative ways.
Betapond, a leading social technology firm and Europe’s most established provider of Facebook technology solutions for global brands in retail, consumer goods and tourism, has raised €2 million (roughly $2.5 million) in a new funding round led by The Ulster Bank Diageo Venture Fund, managed by Investec Ventures. Delta Partners and Irrus Investments also participated in the round.
Betapond plans to use the funds to accelerate development of its social commerce offering to retailers, powering product recommendations from other Facebook users the consumer trusts.
Declan Kennedy, CEO and co-Founder of Betapond, stated: “We are thrilled to secure this new round of investment led by the Ulster Bank Diageo Venture Fund and to be working with Investec Ventures, whilst deepening our relationship with Delta Partners and Irrus Investments.”
He also added: “Betapond delivers innovative social technology solutions to a great portfolio of global brands. This funding enables the Company to accelerate its development and go-to-market plan to be a global leader in social commerce solutions.”
Leo Hamill, Partner, Investec Ventures, stated: “We are delighted to complete this investment in Betapond and look forward to supporting them as they continue growing and developing the business. The company has already established itself as a Facebook Preferred Marketing Developer and has a proven ability to build relationships with some of the world’s best brands. Betapond combines many of the key attributes we look for when investing in a business including a highly professional and capable management team, a proven business model and a clear strategy to grow the business both domestically and internationally.”
Betapond is a Facebook marketing technology company founded in 2009. The company makes applications that are social by design for global brands that live in the real world.
By Lolita A. Alford