Funding grows for Toronto’s Syncapse Corp.

The last time we spoke to Syncapse Corp, the company had just acquired London based Nudge Social Media.  Today, Syncapse announced the successful completion of a $2 million round of financing from the Business Development Bank of Canada (BDC). The funds will be used for further product research and development.
According to the company, “This announcement follows Syncapse’s first round of private equity financing in which the company raised $3.3 million USD. The initial funds raised were used to fuel Syncapse’s global expansion and invest in product development for SocialTALK™, the leading social media management software for brand marketers and agencies. Syncapse invested nearly $10 million in product development in 2010 and is on track to invest a similar amount in 2011.”
Syncapse’s Board of Directors includes Rob Burgess, former CEO of Macromedia Inc., and Ian Giffen, Chairman of The Descartes Systems Group Inc. and a Director of MKS Inc., Absolute Software Inc., and Ruggedcom Inc. Syncapse’s growth plans for the remainder of 2010 include adding more talent in the areas of sales, technical development and marketing, launching several major social campaigns for clients, and announcing the appointment of new members to its Board of Directors. 
According to Syncapse President and CEO Michael Scissons the company is “committed to building best-in-class software solutions to help brand marketers and agencies build, manage and measure their customer relationships.  This funding will accelerate research and development for our growing suite of products.”