Marketing tech start-up Driftrock bags $1m

Driftrock, a London-based marketing technology start-up, has secured $1m in funding from Jonathon McKay, who joins as chairman, Huddle co-founder Andy McLoughlin, Somo CEO Nick Hynes and Forward Internet Group founder Neil Hutchinson.

Launched in 2013 by Matt Wheeler, Driftrock is a social media advertising platform that provides tools and apps that integrate with brands existing data platforms to manage their customer insights.

The company has worked with major brands such as BMW, claiming to have reduced its customer acquisition costs by 56%.

The round follows a $1m funding round in 2014 led by Forward Partners and will be used to enhance Driftrock’s technology platform and expand into new marketing channels such as Twitter and LinkedIn.

Wheeler commented: “Brands are sitting on a customer relationship management data goldmine, and doing very little with it. Driftrock’s technology unlocks that value for our clients, and provides a better, more relevant advertising experience for.”

Jonathan McKay, chairman of Driftrock said: “I am very excited to be working with Wheeler and the team at Driftrock. It is clear that social media is continuing to fundamentally change the way that brands engage with consumers.”