Social media advertising platform Moontoast announced it has raised $5 million in its latest round of Series B financing.
A number of companies, led by Nashville-based The Martin Companies, that previously invested in Moontoast participated in the effort.
The new investment will be used for further development of Moontoast's Social Activation platform, business development growth, sales and client services, and marketing and product development expansion.
In line with its funding announcement, Nashville-based Moontast unveiled the latest version of the Social Activation platform, which is used by Universal, Lexus, Nike, Ford, Lady Antebellum, Time Inc. and Simon & Schuster.
"Moontoast is a clear leader in the rapidly changing social advertising market, offering a scalable, comprehensive rich media platform that delivers demonstrable social ROI by creating deeper brand engagement within today’s dynamic social landscape," Les Wilkinson, The Martin Companies executive director, said in a release. "The company’s highly talented management team has proven that it can successfully innovate and execute to serve the social advertising needs of its high-profile clients."
Moontoast said that in the fourth quarter of 2012, it launched more than 90 campaigns using Social Activation, resulting in revenue increases of more than $100,000, purchase conversion rates of more than 25 percent and lead generation conversion rates of more than 70 percent.