Text Messaging Platform Raises $40 Million
Brands Seek Close Connections
Community.com Inc., a startup that connects brands and celebrities to consumers via text messages, raised $40 million in venture capital. The venture funding round was led by Salesforce Ventures and includes participation by Twilio, Live Nation Entertainment, and the Sony Innovation Fund. Community has raised a total of $90 million since its inception in 2019.
With regulations making it harder to use targeted digital advertisements, media companies, marketing firms, and celebrities are seeking new tools to communicate more directly with their audiences. Through Community’s’s platform, companies and prominent individuals can send group or individual text messages to consumers who sign up with their mobile phone number.
Text Startup Draws Celebrities
Since its inception, Community has managed more than 3 billion text messages on its platform. It counts more than 26 million consumers as customers who are signed up to receive texts. The National Hockey League’s Pittsburgh Penguins, People Magazine (MDP), Kerry Washington, and Tom Brady are among the influential people and brands using the platform.
Clients of the platform get access to the names, ages, and locations of its users. They are able to send messages to all their followers, create groups based on demographics or interests, and send personalized messages to individuals.
Privacy Limitations Drive Investments
Salesforce Venture’s investment in Community was driven in part by the increased focus on protecting consumer privacy. As internet cookies and online tracking become more heavily regulated, brands are looking for direct ways to build connections with consumers.
Community plans to use the proceeds from the round of funding to add new features and recruit more customers. As privacy concerns grow and the advertising landscape changes, Community is becoming a leader in a new way of connecting brands and consumers.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.