Hearsay raises $30M in new funding

The social media management and compliance platform plans to accelerate product development

Sep 5, 2013 @ 3:44 pm

By Trevor Hunnicutt

To accelerate product development for retail relationships, Hearsay Social Inc., an enterprise social media management and compliance technology firm, announced Thursday that it has raised $30 million in new funding

Two of the startup’s existing investors, venture-capital firms Sequoia Capital and New Enterprise Associates, contributed the funding, according to Clara Shih, Hearsay’s chief executive. The company, which was founded in 2009, has raised a total of $51 million.

Hearsay’s platform helps advisers mine data about clients, conduct outreach efforts and meet compliance requirements on social media platforms, including Twitter, Facebook and LinkedIn.

“The way that today’s customer makes buying decisions about what to buy and who to buy from, those decisions are heavily influenced, increasingly influenced, by social media sources,” Shih said. “No one has time to read all of those updates, but there are certain updates you don’t want to miss.”

Hearsay has added dozens of customers this year. Raymond James Financial Inc. partnered with Hearsay in July. Previously, Raymond James’ advisers used Actiance Inc.’s social-media compliance platform.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Diversity & Inclusion Awards: 2018 nominations are open

Editor Fred Gabriel and special projects editor Liz Skinner discuss the nomination process for InvestmentNews' inaugural Diversity & Inclusion awards.

Latest news & opinion

Broker protocol: Indecision over recruiting agreement is rampant

Ruckus over recruiting agreement has even wirehouse lifers wondering if it's time

Cetera reportedly exploring $1.5 billion sale

The company confirmed it's talking to investment bankers to 'explore how to best optimize [its] capital structure at lower costs.'

SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

Rule should provide clarity on role of adviser, enhanced investor protection and regulatory coordination.

Advisers bemoan LPL's technology platform change

Those in a private LinkedIn chat room were sounding off about fears the independent broker-dealer will require a move to ClientWorks before it is fully ready.

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

UBS brokers must sign a 12-month non-solicit agreement if they want their 2017 bonuses.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print