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Published Thu, Sep 22, 2011 05:14 PM
Modified Thu, Sep 22, 2011 05:16 PM

Argyle Social raises $1.2 million in financing

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By David Ranii - STAFF WRITER

Tags: Argyle Social | Eric Boggs | Madison River Ventures | IDEA Fund Partners

Social media marketing software company Argyle Social has raised $1.2 million in funding to boost its sales and marketing efforts.

The 11-employee company expects to hire between four and seven additional employees -- mostly salespeople and developers -- by the end of the year, said CEO and co-founder Eric Boggs.

Also, "our marketing budget is going to get a nice bump," he added.

Launched in December 2009, the company's software is used by companies to manage their social media marketing campaigns and track their effectiveness.

The company's first software release last year produced a "trickle" of sales, said Boggs. But a revamped version launched in January -- with the benefit of customer feedback and $325,000 in seed funding that the company raised in October -- has gained traction

"We've done a pretty brisk business so far in 2011," Boggs said.

The company's latest funding was led by Madison River Ventures of Durham. IDEA Fund Partners in Durham also participated.

dranii@newsobserver.com or (919) 829-4877

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