Heartbeat, the leading two-way brand endorsement platform, announced the close of a $1 million seed round of equity funding, led by Sinai Ventures, backers of Pinterest and Compass, along with Firebrand Ventures.
With total funding of $2.9 million to date, the seed round was also participated by Heartbeat’s existing investors, including Right Side Capital Management.
"We’re developing the most effective platform for brands to engage with millennial consumers through better targeting and segmentation, authentic connections with advocates, and scalable reach to an audience of more than 526 million consumers." said Brian Freeman, co-founder and CEO of Heartbeat.
"We’re thrilled to welcome Sinai Ventures and Firebrand Ventures to the Heartbeat family, as this new funding will further accelerate our ability to grow with the demand in this billion-dollar market.”
Jordan Fudge, Partner with Sinai Ventures (a new investment fund with $90 million under management), said: “As the advertising space continues to adapt to consumers’ media consumption habits, brands are increasingly experimenting with new channels for customer acquisition and retention.
"Influencer marketing has the potential to attract a considerable share of the average ad budget; however, there is no real programmatic technology or network to implement these strategies."
"With Heartbeat and its more than 145,000 Ambassadors, brands have been able to attract and retain customers at scale through user generated content, and have seen significant returns on investment across a number of leading brands and agencies.”
It pays to be social
Since launching last year, Heartbeat has created numerous influencer campaigns in partnership with premium brands including H&M, Amazon, Laura Mercier, Soylent, Syfy and Warner Bros to name a few.
Heartbeat’s total audience reach has grown to more than 526 million consumers through its over 145,000 Ambassadors, currently generating over 100 million likes and over 9 million comments weekly.
Brands today are spending $36 billion on social channels to engage and acquire new millennial consumers through traditional ads and “influencer campaigns.”
Heartbeat offers in-depth targeting and segmentation capabilities to ensure brands reach the right audience, based on interests, location, shopping habits and more.
