• by Mark Walsh , October 18, 2010

Social media marketing firm Buddy Media has closed $23 million in a third-round funding led by Institutional Venture Partners and including existing investors Softbank Capital, Greycroft Partners and Bay Partners. The new funding brings the company's total raised to date to more than $33 million.

The capital will go towards tripling Buddy Media's rapidly rising headcount from 100 to 300 over the next 18 months, as well as ongoing marketing and growth initiatives. The company's chairman CEO, Mike Lazerow, announced the new financing Monday during a gathering at Buddy Media's new 25,000-square-foot office headquarters in Manhattan.

The company said it's has grown software licensing revenue by approximately 15% per month in 2010 and tripled the number of clients using its social marketing platform to 300 during the year. New customers include Johnson & Johnson, Crate & Barrel, Ford Motor Company, Donna Karan, Armani Exchange and GNC.