Soci, a marketing management platform, raised USD 120 million in a funding round that included both debt and equity financing led by JMI Equity, with participation from Vertical Venture Partners, Blossom Street Ventures, and Renew Group Private Limited. This brings its total funding to ~USD 240 million. 

The company plans to allocate the funds towards platform development, entering new verticals like manufactured goods, pursuing M&As, and expanding its presence internationally. It also intends to increase its workforce of ~600 employees by 10% to 20% this year.

The company also reported a 149% YoY increase in annual recurring revenue (ARR). It currently serves 700+ businesses from a range of industries, including food and beverage, retail, automotive, telecom, grocery, health and fitness, beauty, financial services, and insurance. 

Analyst QuickTake: The funding will help scale SOCi's recent product launch in early February 2023 of the "Genius" tool, which integrates OpenAI's technology to provide intelligent, instant responses to online reviews using ChatGPT's natural language model.