Octopus leads £2.95m investment in Conversocial

Existing investor DFJ Esprit also participated in the round, investing £1m, following a £1.5m series-A funding round investment in May 2011.

The new investment will be used to increase the company's US presence and product development.

DFJ Esprit was first attracted to the company in 2011 as it believed the social media sector was set for growth, especially on a commerical level. "Consumers are increasingly using social media to contact companies or air their grievances. Whereas in the past all customer service was done on a one-to-one basis through emails and phone calls, customer interaction is increasingly on a public and open scale," explained Richard Marsh, partner at DFJ Esprit. "Due to the rise in social media, companies are under increasing pressure to adapt, to be able to handle this new and increasingly important form of customer interaction."

Company
Conversocial was established in 2009 and provides a software-as-a-service product enabling businesses to improve engagement and interaction with customers through social platforms such as Twitter and Facebook. The company partners with its clients' customer service teams to help capture customer feedback across social channels.

Conversocial has offices in New York and London, while its services are available in over 20 countries.

Conversocial's cllients include Barclaycard, Groupon, Hertz, Net-A-Porter, Tesco and Waitrose.

People
Alliott Cole from the early-stage investment team at Octopus worked on the funding round.

Advisers
Equity – Shoosmiths (Legal); Orrick (Legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Octopus Investments
• DFJ Esprit
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