Social media startup Argyle Social lands $1.24M in venture funding

Argyle Social’s social media technology is winning followers in the investment space.

Now Chief Executive Officer Eric Boggs says Argyle, which targets businesses wishing to utilize social media tools, wants to hire additional workers “to join our cause.”

The Durham-based startup has landed $1.24 million in its first round of institutional financing. Early stage investment firm Madison River Ventures, IDEA Fund Partners and angel investor Greg Cangialosi led the financing.

“This financing reflects Argyle’s emergence as a best-in-class social media marketing software provider,” said Steve Vanderwoude, a principal at Madison River and a veteran telecommunications executive.

Last fall, Argyle raised $325,000.

The company plans to expand its work force with programmers and sales people while also stepping up marketing efforts.

NC IDEA, an economic development group affiliated with IDEA Fund Partners, jump-started Argyle with a grant in January of 2010. The firm launched in 2009.

Other investors include entrepreneurs Jed Carlson of ReverbNation, Aaron Houghton of iContact, and Taylor Mingos of Shoeboxed.

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