Indianapolis-based tech company Socio has completed a $6 million Series A round of funding. The company, which provides an event management platform, says it will use the funding to grow its staff and accelerate new product development.
The funding round was led by High Alpha Capital in Indianapolis with participation from Maryland-based Greenspring Associates. High Alpha Partner Mike Fitzgerald will join Socio's board of directors as a result.
Socio says it is looking to rapidly grow its teams at its Indianapolis headquarters, as well as its EMEA office in Istanbul, Turkey. The company's development of new products will focus on helping customers put on successful conferences, trade shows, and internal and external meetings. Among its new products currently under development is the company's first pre-event product, which will focus on event registration.
"The average B2B company spends around 22 percent of its marketing budget on events," said Yarkin Sakucoglu, co-founder and chief executive officer of Socio. "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."
Socio says its client base has grown to more than 400 customers, including Google, Harvard and Pinterest.
By Ryan Collier Director of Investment Management, Bedel Financial Consulting Inc.
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