We live in a digital world where people of all ages are actively sharing life events with their friends, families, and colleagues through social networks. Some of these events lead to buying a home, saving for college, and even planning for retirement. All require smart financial solutions to support their future goals.
Enter Socialeads, a Milwaukee based artificial-intelligence data science Insurtech startup that combines social science, data science, and advanced technologies to see and know the clients’ personal and professional networks and deliver actionable insights right to their phone.
Today, Socialeads announced it has raised $1.75 million in new funding to grow its sales and client success teams to meet the growing demand for Socialeads in field sales organizations in both domestic and international markets. The new funding came from existing investors Northwestern Mutual and Winnebago Seed Fund along with new investors Cameron Ventures, Rock River Capital, and Silicon Valley’s Plug & Play Ventures.
Founded in 2018 by Larry Hitchock and Matthew Salzer, Socialeads uses advanced natural language processing, personality and emotionality detection, and machine learning tools to source near to fully qualified leads in an advisor’s social networks who are achieving key life-events and financial milestones and identifies the mutual connections that can offer introductions and referrals to these leads.
“We are excited to share this part of our journey with our new investors and to see growing support from Wisconsin funds like Rock River Capital,” said Larry Hitchcock, co-founder, and CEO. “We’re also proud to be helping so many advisors grow their businesses and be of service to their clients in this especially challenging time.”
Socialeads also uses AI chatbots and notification systems that provide instant access to actionable data from social networks.
“It has been great to have a front-row seat for the creation and growth of Socialeads from Reverse Pitch winner to scalable business. What Larry and the team have built solves a real problem for financial advisors as they look to meet clients and prospects where they are in an increasingly digital world. I really look forward to the next stage of the company’s growth,” said Craig Schedler, Venture Partner at Northwestern Mutual.