Partner automation platform Partnerize has raised $50 million growth financing round led by Accel-KKR to expand its current offering of automated marketing partnership solutions for clients.

According to the news in the Wall Street Journal, the firm will be supporting both regional and global go-to-market initiatives in addition to further growth in the US through acquisitions and new hires.

In addition, Joe Porten, Principal at Accel-KKR, is set to join the Partnerize Board of Directors as part of the developments.

Accel-KKR is a brand new investor in the company that contributed $45 million in investment, according to the Wall Street Journal. The remaining $5 million came from existing investor Silicon Valley Bank.

Technology advisory and investment firm GPBullhound acted as financial advisor to Partnerize on this latest financing round.

“Revenue-generating partnerships drive more than 20% of total sales for most Fortune 1000 brands,” said Joe Porten of Accel-KKR; “Partnerize’s intelligent partner automation platform helps more than 300 global brands drive results across their entire partner ecosystem, and we see tremendous growth and upside ahead as Partnerize expands its footprint both in the U.S. and in key international markets. We look forward to working with co-founder and CEO Mal Cowley and the rest of the Partnerize team as they continue to transform the partner automation category.” 

Power of partnerships

Companies are increasingly turning to partnerships to drive faster growth and profit. As a result, many segments of the partnerships channel are showing strong growth. For instance, global influencer marketing investment has mushroomed to an estimated $8 billion in 2019, while traditional pay-for-performance digital channels are continuing to show strong revenue increases. Partnerize has demonstrated this with its recent integration with influencer marketing platform ZINE to expand its influencer marketing measurement capabilities.
Additionally, more mainstream media companies are now receptive to cost-per-action partnership agreements, and major brands are creating more co-marketing agreements with other leading brands. For many leading brands, ROAS (return on ad spend) on partnership programs exceeds 12:1. 

“We are proud to engage with Accel-KKR, a leading investment firm focused on growth equity investments in software and technology globally,” said Partnerize co-founder and CEO Mal Cowley; “We share a belief in the tremendous growth potential of the partnerships industry and the game-changing nature of AI, and look forward to creating new levels of success.”