Socialware said Tuesday it got $7 million in a Series C funding round led by Morgan Stanley Expansion Capital. Socialware is one of the leading vendors helping advisors with the requirements regulators impose on their use of social media.
In a field where being first counts heavily, Socialware beat all of its competitors.
It was first to market with an app that would allow advisors to use their social platforms but have them supervised for pre-approval.
Rivals like Actiance, which has an established business in helping with compiance of text messages, and Hearsay, another startup, are playing catch up.
Social has acquired more than 100 financial services customers including American Portfolios, Cambridge Investment Research, Guardian Life, and New York Life. The release of its most recent product, Voices, has generated a great deal of interest in solutions that not only ensure compliance, but provide tools for measureable lead generation in large distributed sales channels via Facebook, LinkedIn and Twitter, according to a company press release.