ArchiveSocial announced a $53 million investment from growth equity firm Level Equity to scale up to meet the demand for its product from government agencies and educators.
“We have been growing at a very high rate, and the funding will support our high growth throughout 2019 and beyond,” CEO Anil Chawla tells Hypepotamus.
“We will also now be more able to expand upon our product platform while still maintaining a deep focus on our core social media archiving capabilities, and ensuring a first-class customer experience.”
Chawla says that the startup has surpassed 2,000 customers. With this funding, ArchiveSocial will grow its headcount from its current 60+ employees and fuel customer acquisition.
The social media archiving software helps government agencies, law enforcement officials, and school districts remain transparent and compliant by archiving their social media content, including those that have been edited or deleted, as well as private messaging.
In the event of a lawsuit, the archived records can be replayed chronologically. ArchiveSocial connects to the agency’s social media accounts through its API.
The Durham, North Carolina-based startup saw a huge boost in their inbound business after they assisted former President Barack Obama’s White House Digital Transition team to archive over 250,000 social media records.
The company released a new feature in April called Web Snapshots. This expansion of their platform allows organizations to capture visual snapshots and legal records of website content within their existing social media archive.
“It very naturally extends our ability to support agencies in regards to our core value proposition, which is compliance with public records laws,” says Chawla. “Agencies often share links to content on their website from their social media postings, and that website content also constitutes public record.”
Chawla shares that the startup will stay the course in terms of their core mission and continue “providing the most comprehensive and reliable social media archiving platform available.”
“ArchiveSocial’s outstanding product and customer experience, paired with a ‘must have’ value proposition, provide strong opportunities for growth and expansion,” said Sarah Sommer, co-founder and partner at Level Equity, in a statement. “We are very excited to partner with Anil and the ArchiveSocial team as they enter the next phase of growth and look forward to the company’s future.”