Argyle Raises Round #2 – A Q&A With Eric Boggs, CEO

Argyle Social announced today that they have raised $1.2M from basically current investors +1. This marks the 2nd fundraising round in less than a year for founders Eric Boggs and Adam Covati.

Argyle Social is on a mission to help marketers drive meaningful business outcomes through social media marketing. Argyle’s Software as a Service (SaaS) social media marketing solution enables marketers to more effectively manage and measure marketing campaigns on social networks like Facebook, Twitter, and LinkedIn. Hundreds of mid-sized businesses – including Gander Mountain, Backupify, and The Leukemia & Lymphoma Society – rely on Argyle to power their social media marketing programs.

Here is what Eric had to share with us:

1. Do you consider this your 1st professional round?

Even though our Oct 2010 seed round was a smaller round at $325k, it was definitely a “professional” round. This most recent financing is obviously a much larger number…but we signed about the same number of legal documents both times around.

2. Who are/were the investors?

Our existing investors from the seed round include Madison River Ventures, IDEA Fund Partners, Taylor Mingos (Founder, CEO of Shoeboxed), Jed Carlson (Founder, COO of ReverbNation), and Aaron Houghton (Founder, Chairman of iContact)

3. Are any of the investors new? Who? What was their motivation?

We added one new investor in this round – Greg Cangialosi. Greg is the Founder and CEO of Blue Sky Factory, an email marketing service provider recently acquired by WhatCounts. Blue Sky was a very early Argyle user and Greg had been tracking us for a while. He’s an experienced marketing software entrepreneur and we’re very excited to have him join the team.

4. What will the funds be used for?

We’re using the capital to accelerate product development and customer acquisition. We’re hiring software developers and sales associates.

5. How many employees today?

11…but we just made an offer earlier this week that was accepted, so 12 very soon we hope.

6. When was your first round (date)?

$325k in Oct 2010.

7. What has the past year been like for you?

The past ~18 months have happened awfully fast. It seems like yesterday that Adam and I were drinking beers at the West 94th Street Pub and talking about what Argyle might be. We’ve been very fortunate to build a supremely gifted team and equally fortunate to circle up such a great circle of investors.

8. Any last thoughts?

It was very cool to announce our financing the same week that our friends at StatSheet, now Automated Insights, announced their recent financing. There has been a lot of local buzz about the Durham start-up scene, so it is exciting to see some of the hype manifest itself in a meaningful way and it is incredibly rewarding for the Argyle team to be a part of the story.