A marketing technology firm that seeks to influence C-suite executives, policymakers, and other important people is getting a major infusion of cash from one of the world’s biggest investors.
Applecart received a $100 million investment from the private equity giant Blackstone last year, two people familiar with the situation first told Semafor, in a fundraising round that would value the New York-based data company at around $500 million.
While the company largely stays out of the headlines, Applecart has a leading place in an emerging but discreet cohort of companies and organizations aimed at reaching key figures in industry and government. The company was founded in 2013 and initially worked on Republican political campaigns, applying then-novel social graphs to helping clients make their case to stakeholders.
“Recognizing that in the 21st century many people simply don’t know their physical neighbors, we expanded on that by building technology to find the friends, bosses, colleagues, and people in communities who can sway the opinions of others in a more significant way,” co-founder Matthew Kalmans said in a rare interview in 2016.
Applecart now specializes in using social data to provide insights to marketers and brands, as well as campaigns and advocacy groups. It touts its ability to use data to make social connections and reach and influence Fortune 500 decisionmakers and those in their immediate social circles.
Initially conceived as a political technology firm largely backing moderate Republicans, the business has broadened its aperture over time to focus on reaching key influential figures across business, government, and media. In 2018, Applecart announced that Endeavor was investing in it and CEO Ari Emanuel would be joining its board.
Applecart co-CEOs Kalmans and Sacha Samotin did not respond to multiple requests for comment. A spokesperson for Blackstone declined to comment.