Consistent year on year growth paired with a record breaking 12 months for sales in 2013 has shown signs of bearing fruit at Smarter Remarketer.
The Indianapolis-based firm has secured $7 million in venture debt financing from the City National Bank after demand for its behavioural marketing solutions shot up last year. Recent successes have led to it securing retail clients such as eBags, Finish Line and Eddie Bauer, who can use the company’s technology to reach consumers who have already expressed an interest in their offering.
With annual revenue growth tripling year on year over the course of 2013, Smarter Remarketer will now be tasked with using the finance to deliver an even better set of figures in 2014.
Smarter Remarketer leverages data to power retargeting efforts across a number of key online ad formats. These enable brands to transfer customer insights across to campaigns on display, email, social media as well as the positioning and choice of content on their own websites.
Bill Sweeney, east coast regional managing director for City National Bank, claimed that such a business model boasts “tremendous potential”.
He added: “Not only does the company have impressive entrepreneurial senior leadership, including multiple industry veterans, but the technology is innovative and relevant in the rapidly expanding global marketing automation and customer intelligence market.”
Part of the funds pledged by Sweeney and the rest of the team at City National Bank will be used to evolve the capabilities of Smarter Remarketer’s customer intelligence platform.
Howard Bates, CEO of Smarter Remarketer, said the investors had taken their time in creating a facility that would enable his company to expand its core product platform and improve the service offered to clients.
News of the investment follows a similar event earlier this year.
February 2014 saw Smarter Remarketer secure $7 million worth of funding from Battery Ventures - a move which resulted in Battery general partner Neeraj Agrawal joining the company’s board of directors.
This came in light of a release for Smarter Remarketer’s SR2 Big Data platform, which enables companies to power data-driven interactions with their website visitors in real time.