Oktopost Raises $20M to Fuel B2B Social Media Management

Social Media Platform Oktopost Secures $20 Million Growth Investment

The surge in online activity driven by the pandemic led to a significant increase in social media usage. Consequently, opportunities to connect with audiences and disseminate information expanded. While platforms geared towards general branding, such as Sprinkler, Sprout Social, and Hootsuite, experienced growth, Oktopost – a platform focused on B2B marketing – also saw a rise in traffic.

Oktopost's Funding and History

Established in 2013, Oktopost initially secured $800,000 in early-stage funding. Since then, the company has operated on generated revenue and profitability. This is now changing with a new growth funding round, a $20 million minority investment provided by London-based Expedition Growth Capital.

Platform Capabilities and Integrations

Oktopost functions as an enterprise-level platform designed for B2B marketers. It facilitates the curation, organization, and management of campaigns for corporate social media accounts, employee advocacy programs, and social selling initiatives. The platform also incorporates social listening and analytics features.

Key integrations include native connections with Adobe Marketo, Salesforce Pardot, HubSpot, Salesforce, and Microsoft Dynamics CRM systems. Oktopost’s client base includes prominent companies like Fujitsu, Mitsubishi Electric, Xerox, SWIFT, ACI Worldwide, ContentSquare, ChargeBee, and SUSE.

Increased Importance of Social Media Management

The functionalities offered by Oktopost have become increasingly vital as social media engagement has grown. Companies have been compelled to enhance their social media strategies as social media’s influence has expanded significantly over the past sixteen months.

Future Plans for the Investment

Oktopost intends to utilize the new funding to accelerate its product development, enhance customer support, expand its marketing and sales efforts, and potentially pursue strategic acquisitions. The company also plans to increase its workforce by 50%.

Statements from Leadership

Daniel Kushner, co-founder and CEO of Oktopost, stated: “From the outset, our goal was to create the first B2B social media marketing platform capable of measuring and quantifying the value of social media in terms of lead generation, pipeline impact, customer acquisition, and ultimately, return on investment.”

He continued, “As the boundaries between marketing and sales departments blur within B2B organizations, and as social selling gains prominence, we are confident that Oktopost is uniquely positioned to deliver the functionality that is required.”

Expedition Growth Capital's Perspective

Oliver Thomas, managing partner at Expedition Growth Capital, commented: “While numerous social media tools cater to B2C companies, we haven’t encountered a platform specifically designed for the B2B sales cycle until Oktopost.

“The ability to effectively manage, monitor, and analyze social activities is becoming essential for B2B sales and marketing teams. Daniel and Liad have developed the leading product to address this need, and we are enthusiastic about joining them on this journey.”

Impact of the Pandemic on Oktopost

In a conversation with Kushner, he was asked about the pandemic’s effect on the business.

“It’s been exceptional,” he responded. “Our focus is entirely on B2B organizations. Our platform is structured around corporate social media – platforms like Twitter and LinkedIn company pages. The second component is employee advocacy social, encouraging employees to represent the corporate brand by sharing content on their personal LinkedIn and Twitter accounts.”

Demonstrating Return on Investment

Kushner explained that this integrated ecosystem – supporting both corporate social media and employee advocacy – allows them to demonstrate a clear return on investment for their customers.

“We provide metrics that showcase the tangible business impact of social media, going beyond the typical ‘fluff’ metrics often associated with social platforms. The platform is designed to deliver these kinds of insights.”