US search engine marketing software provider WordStream has received $12 million to support the development of its campaign optimisation tools.
The Boston-based firm raised $9 million in a Series C funding round led by Baird Capital, the direct investment arm of Robert W. Baird and Co., before securing an additional $3 million in venture debt through City National Bank.
WordStream will now have the financial backing to make strides with products such as PPC Advisor, a subscription offering which helps companies create, manage and optimise their pay-per-click campaigns.
Other tools include the aptly titled AdWords Performance Grader – a free service which rates the effectiveness of efforts on Google’s popular search offering.
Future plans
The company’s latest cash injection will be used to finance the progression of its two flagship products, AdWords Performance Grader and PPC Advisor. Previous funding rounds have seen WordStream generate a total of $28.4 million since its formation in 2007, by current chief technology officer Larry Kim.
One of the more recent funding efforts took place in July 2012, where the company was able to raise $6 million through a Series C round led by existing investors in Sigma Partners and Egan-Managed Capital.
Backing from external parties has enabled WordStream to grow its staff count up to 105, but this number is predicted to rise to 125 by the end of the year.
To accommodate the incoming members of the staff, the company plans on adding a third floor to its office in Back Bay, Boston.