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Baltimore social media firm SocialToaster, Inc. expects to close a $1 million bridge round of fundraising in the next two months.
The $1 million fundraising round is intended to serve as bridge to a larger, Series B fundraising round of between $5 million and $8 million, said CEO Brian Razzaque. The company expects to launch that round later this year, he said. The bridge funding will go toward hiring new employees to help expand its client target areas.
The Maryland Venture Fund and the Technology Development Corp. (TEDCO) led the bridge fundraising round.
The company raised $1.98 million in its oversubscribed Series A round last year. SocialToaster brought in $500,000 in revenue last year and expects to grow that to between $2 million and $4 million this year.