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Internet's Hearsay Social raises $30 million in funding

By Alexei Oreskovic

SAN FRANCISCO (Reuters) - Internet company Hearsay Social has raised $30 million in funding which it said would help accelerate product development and international expansion.

San Francisco-based Hearsay said on Thursday that its latest round of funding came from venture capital firms Sequoia Capital and NEA, which have both previously invested in the company.

Hearsay, whose tools help businesses use social networks such as Facebook Inc, LinkedIn Corp and Twitter to generate sales, said it has more than doubled its number of customers during the last twelve months, adding financial services firms such as Raymond James, Bank of the West and Nationwide Insurance among others.

With roughly 100 employees, Hearsay expects to increase its work force and its product capabilities to better target customers in various industries and geographic regions, Chief Executive Clara Shih told Reuters. Shih said that Hearsay would also be more aggressive in acquiring other companies.

Founded in 2009, Hearsay has raised $51 million to date.

(Reporting by Alexei Oreskovic; Editing by Bernard Orr)

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