IDEA Fund Partners Announces Investment in Argyle Social
Leading Social Media Marketing Platform Closes First Equity Financing
IDEA Fund Partners, LLC, an RTP-based venture capital firm providing seed and early stage financing to technology companies throughout the Southeast and Mid-Atlantic, is pleased to announce its recent investment in Argyle Social, an innovative social media marketing platform. With participation from local angel investors, the $325K seed round will enable the company to support team growth, accelerate product development and expand sales and marketing efforts.
Based in downtown Durham – the emerging software startup hub in the Southeast – Argyle Social is a software-as-a-service social media marketing platform that helps marketers measure and optimize the social channel. Marketers rely on Argyle’s solutions to validate the time and resources their companies invest in social media marketing efforts.
With its innovative social media dashboard and real-time business intelligence, Argyle provides marketers with clear and actionable metrics for improved decision-making and strategic planning. The company is regularly rolling out new features and offerings. One recent example is Agency, a multi-client product allowing marketing agencies, consultants and resellers to offer the product to their clients.
“We welcome Argyle Social to our portfolio and look forward to partnering with management to accelerate the company’s growth,” said Lister Delgado, general partner at IDEA Fund Partners. “We have been very impressed with the progress of Argyle and their ability to add immediate value to their clients in a relatively short period of time. Social media is a market area that will continue to show enormous growth and we look to Argyle in playing a critical role in its evolution.”
Approaching the company’s one-year anniversary this December, Argyle Social was the recipient of an NC IDEA grant in January 2010, providing funds to assist in early product development. NC IDEA is a not-for-profit providing seed grants to promising young technology companies. IDEA Fund Partners maintains a strategic partnership with NC IDEA giving the fund the opportunity to work closely with grant winners to determine which companies have the prospect of generating excellent equity returns. Argyle Social is the fourth NC IDEA grant recipient that has attracted investment from IDEA Fund Partners. IDEA Fund Partners invested in the Series A for NC IDEA Spring 2009 grant recipient StatSheet earlier this year.
“The grant funding from NC IDEA has been critical to our success and was a great vote of confidence early on,” said Eric Boggs, CEO and founder of Argyle Social. “With this recent support from IDEA Fund Partners and the Triangle angel community, we look forward to developing more innovative offerings for our clients and building a team of amazingly talented people to help us do it.”
In conjunction with the investment in Argyle Social, IDEA Fund Partners General Partner Lister Delgado will join the Argyle board.
About IDEA Fund Partners
Located in Research Triangle Park, IDEA Fund Partners provides seed and early stage equity funding along with company building expertise to IT, materials technologies and medical device companies in North Carolina, as well as the Southeast and Mid-Atlantic regions. Currently investing out of its first fund, IDEA Fund Partners has invested in seven companies since 2006. Learn more atwww.ideafundpartners.com.
About Argyle Social
Founded in 2009, Argyle Social is an innovative software-as-a-service platform for social media marketing management and analytics. The platform helps marketers to easily organize and publish social content, manage customer interactions across social channels and quantify the bottom-line impact of their social media marketing efforts. Argyle customers include Gander Mountain, Sharefile.com, Blue Sky Factory and UNC Kenan-Flagler Business School. The company is based in Durham, NC. For more information, visitwww.argylesocial.com.