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Dynamic Signal, an employee advocacy solution, has now raised over $33M in funding
Nobody I know really trusts advertising. I mean, of course the company will tell you they are the best and the one you should choose. What would sway me? Real people, especially those I know, giving their opinions and telling me why I should choose one company over another.
Dynamic Signal is a company that wants to put that power in the hands of company employees. Theidea is that they are the ones who are Facebooking and Tweeting about their work already, but Dynamic Signal would allow the company they work for to give some structure, and guidance, to how they craft the message.
The company has now raised a $12 million Series C financing round, it was announced on Monday.
New investor Rembrandt Venture Partners led the round, with participation from existing investors Venrock, Trinity Ventures, Time Warner Ventures and Cox Enterprises. Dynamic Signal had previously raised roughly $21 million, bringing its total funding to just over $33 million.
The San Bruno, California-based Dynamic Signal provides a solution for companies to empower their employees as advocates.
Either most companies execute a poor strategy when they attempt to engage their employees to share company news, or they restrict against employees sharing any information about their jobs for fear they will represent the brand incorrectly, Russ Fradin, co-founder and CEO of Dynamic Signal, explained to me. That is the problem that Dynamic Signal is trying to fix.
"Employees are an untapped marketing channel, who can represent a brand authentically, by sharing company news, press, job openings, etc. to their personal social channels via our VoiceStorm web/mobile apps," he said.
"This is important because people trust their friends and family, hence making these impressions much more impactful for the company."
A company can use Dynamic Signal for social selling, improved internal communication, employee engagement, marketing exposure and brand awareness. Using Dynamic Signal can drive reach, awareness, leads, and revenue for it customer, which can then save them both time and money versus attempting to execute a similar program without a technology built specifically for it.
There are a few others doing something similar in the space, including Social Chorus, EveryoneSocial and Addvocate, but Dynamic Signal sets itself apart by being a mobile first solution.
"Our primary differentiator across the board is our investment and focus on our technology platform, which is the only mobile first solution in the space," Fradin said. "We have invested over $20 million in the technology infrastructure that powers our programs and continue to be very much oriented around building the most robust, flexible and scalable infrastructure in the market."
The new funding will be used to acquire PaperShare, a real-time demand generation platform that lets companies see who is viewing their content marketing and then directly engage with them.
By purchasing the company, Dynamic Signal will gain the ability to provide end to end insights, from objective to outcome, and have the toolset necessary to track through the entire funnel of awareness, engagement, and sales.
"We are still exploring the many ways we will marry the two technologies, but the parallel nature of our companies made it a no brainer to join forces," Fradin told me.
Founded in 2011, PaperShare raised $2.4 million in funding. The financial terms of the acquisition were not disclosed.
Since being founded in 2010, Dynamic Signal has delivered billions of impressions across social channels for brands such as Hitachi Data Systems, Salesforce, Deloitte, IBM, and Gamestop. It has been especially effective in some of the more regulated industries, such as technology, finance, and healthcare.
The company does not disclose how many users it has "as each program has a different scope and goals."
"Some are happy to have 50 employees involved, others strive for thousands. We work with 100’s of companies, but because the category is still new and evolving, many of our bigger customers are not yet open to talking about what they are doing with us," Fradin said.
Ultimately, what Dynamic Signal is hoping to do is go beyond simply having companies share their news.
“Once employees trust the app for receiving and sharing news, it opens up other possibilities in regards to engagement and communication in a variety of ways. We plan to explore these other areas very soon."
Watch the video below for more about what Dynamic Signal does:
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Every company thinks they need to be social. As such, they're spending millions of dollars to do so. Unfortunately, they're underutilizing the most motivated asset they already have -- enthusiastic employees.
Your workers want to talk about their company, only they don't know what to say, or they're afraid to say the wrong thing. Instead, they do nothing.
We're simplifying and systemizing the task of posting, scheduling, training, archiving, & governing the social voices of your employees.
There is no product on the market that caters directly to the needs of companies wish to become social enterprises. Tools today only work for small teams and are too cost prohibitive to roll out to all employees.