DURHAM, NC, ArchiveSocial has received a $53 million investment from Level Equity.
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ArchiveSocial, a leading provider of social media archiving software for government agencies, law enforcement officials and K-12 school districts, announced today that it has received a $53 million investment from Level Equity, a growth equity firm based in New York and San Francisco. The funding will be used to accelerate expansion of the company's market-leading platform.
Today's announcement follows significant annual revenue growth for ArchiveSocial as the demand for government agencies and educators to use social media to communicate with their constituents, communities and parents escalates. This call-to-action has increased awareness of the compliance risks associated with archiving electronic communication, including social media, as a public record.
"Social media has enabled an unprecedented level of transparency in government and is now the primary channel for public officials and agencies to communicate with the public," said ArchiveSocial founder and Chief Executive Officer, Anil Chawla. "The ever-evolving nature of social media, however, also magnifies risk and the need for thorough and accurate record keeping. The investment and support from Level Equity strengthens our position as the market leader in social media archiving and allows us to further expand our best-in-class technology platform to support the growing needs of our current and future customers."
The previous 18 months have been marked by exceptional growth for ArchiveSocial as the company doubled the size of its customer base and surpassed the 2,000 customer benchmark. In April, the company announced the availability of Web Snapshots, an expansion to the core archiving platform which automatically captures visual snapshots and legal records of website content within a customer's existing social media archive.
"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. "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."
ArchiveSocial works with over 2,000 government and law enforcement agencies, school districts, and private companies to capture and archive information shared on social media. The company helps public and private agencies comply with record-keeping regulations and mitigate risk related to social media. By connecting directly to the social networks, ArchiveSocial ensures complete, authentic, and in-context records of social media communications. For more information, please visit archivesocial.com.
About Level Equity
Based in New York and San Francisco, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The firm manages over $1.7 billion across a series of long term committed investment partnerships. For more information about Level Equity, visit levelequity.com.