Buddy Media, a startup that helps businesses manage their presence on Facebook, has raised $23 million in a third round of funding. The company’s tools are used by big brands, such as Johnson & Johnson and Target, to build and update their Facebook pages. Buddy Media says it currently has more than 300 customers, including seven of the top ten global advertisers. Revenue is growing 15 percent month-over-month.
The company says it will use the new cash to triple its headcount from its current 100 over the next year-and-a-half and also to fund “marketing and growth initiatives.” The new funding round was led by Institutional Venture Partners; existing backers Softbank Capital, Greycroft Partners and Bay Partners, also participated. It’s the first investment by IVP from its new $750 million fund, which it raised in August.