Soci raises $12M to help big brands manage local marketing
According to CEO Afif Khoury, we’re in the middle of “the third wave of social” — a shift back to local interactions. And Khoury’s startup Soci (pronounced soh-shee) has raised $12 million in Series C funding to help companies navigate that shift.
Soci works with customers like Ace Hardware and Sport Clips to help them manage the online presence of hundreds or thousands of stores. It allows marketers to post content and share assets across all those pages, respond to reviews and comments, manage ad campaigns, and provide guidance around how to stay on-brand.
It sounds like most of these interactions are happening on Facebook. Khoury told me that Soci integrates with “40 different APIs where businesses are having conversations with their customers,” but he added, “Facebook was and continues to be the most prominent conversation center.”
Khoury and CTO Alo Sarv founded Soci back in 2012. Khoury said they spent the first two years building the product, and have subsequently raised around $30 million in total funding.
“What we weren’t building was a point solution,” he said. “What we were building was a massive platform … It took us 18 months to two years to really build it in the way we thought was going to be meaningful for the marketplace.”
Soci has also incorporated artificial intelligence to power chatbots that Khoury said “take that engagement happening on social and move it downstream to a call or a sale or something relevant to the local business.”
The new round was led by Vertical Venture Partners, with participation from Grayhawk Capital and Ankona Capital. Khoury said the money will allow Soci to continue developing its AI technology and to build out its sales and marketing team.
“Ours is a very consultative sale,” he said. “It’s a complicated world that you’re living in, and we really want to partner and have a local presence with our customers.”