Milwaukee-based social media sales platform Socialeads Inc. is raising a $1.5 million investor round to gain working capital, according to a new SEC filing.
The startup has so far raised $75,000 from one investor in this round, which launched April 18, according to the filing.
Socialeads, which was founded in April 2018, last year raised a $750,000 seed round led by the Winnebago Seed Fund. That round also included investments from BrightStar Wisconsin Foundation and Northwestern Mutual Life Insurance Co.
Socialeads was the winner of Northwestern Mutual’s 2018 Reverse Pitch Competition, which came with an investment of up to $85,000 from the insurance giant.
Established by Larry Hitchcock, an entrepreneur, and solutions architect Matthew Salzer, Socialeads is a software platform built to help Northwestern Mutual address its salesperson market potential and referral friction challenges. It can analyze social media data using machine learning and data science to find the ideal potential clients in a salesperson’s social media networks.
Hitchcock, Winnebago Seed Fund and Northwestern Mutual all did not respond to requests for comment this morning.
