vertical venture partners
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According to CEO Afif Khoury, we’re in the middle of “the third wave of social” — a shift back to local interactions. And Khoury’s startup Soci (pronounced soh-shee) has raised $12 million in Series C funding to help companies navigate that shift.
Soci works with customers like Ace Hardware and Sport Clips to help them manage the online presence of hundreds or thousands of stores. It allows marketers to post content and share assets across all those pages, respond to reviews and comments, manage ad campaigns and provide guidance around how to stay on-brand.
It sounds like most of these interactions are happening on Facebook. Khoury told me that Soci integrates with “40 different APIs where businesses are having conversations with their customers,” but he added, “Facebook was and continues to be the most prominent conversation center.”
Khoury and CTO Alo Sarv founded Soci back in 2012. Khoury said they spent the first two years building the product, and have subsequently raised around $30 million in total funding.
“What we weren’t building was a point solution,” he said. “What we were building was a massive platform … It took us 18 months to two years to really build it in the way we thought was going to be meaningful for the marketplace.”
Soci has also incorporated artificial intelligence to power chatbots that Khoury said “take that engagement happening on social and move it downstream to a call or a sale or something relevant to the local business.”
The new round was led by Vertical Venture Partners, with participation from Grayhawk Capital and Ankona Capital. Khoury said the money will allow Soci to continue developing its AI technology and to build out its sales and marketing team.
“Ours is a very consultative sale,” he said. “It’s a complicated world that you’re living in, and we really want to partner and have a local presence with our customers.”
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Los Angeles-based Ordermark, the online delivery management service for restaurants founded by the scion of the famous, family-owned Canter’s Deli, said it has raised $18 million in a new round of funding.
The round was led by Boulder-based Foundry Group. All of Ordermark’s previous investors came back to provide additional capital for the company’s new funding, including: TenOneTen Ventures, Vertical Venture Partners, Mucker Capital, Act One Ventures and Nosara Capital, which led the Series A funding.
“We created Ordermark to help my family’s restaurant adapt and thrive in the mobile delivery era, and then realized that as a company, we could help other restaurants experiencing the same challenges. We’ve been gratified to see positive results come in from our restaurant customers nationwide,” said Alex Canter, in a statement.
A fourth-generation restaurateur, Canter built the technology on the back of his family deli’s own needs. The company has integrated with point of sale systems, kitchen displays and accounting tools, and with last-mile delivery companies.
As the company expands, it’s looking to increase its sales among the virtual restaurants powered by cloud kitchens and delivery services like Uber Eats, Seamless/Grubhub and others, the company said in a statement.
Although the business isn’t profitable, Ordermark is now in more than 3,000 restaurants. The company has integrations with more than 50 ordering services.
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