Springbot, an Atlanta-based data-driven marketing platform for e-commerce retailers, has closed $15 million in funding led by North Atlantic Capital. The round included participation from existing investors TechOperators, TTV Capital, Harbert Growth Partners, TechSquare Labs, Forte Ventures and Silicon Valley Bank.
CEO and co-founder Brooks Robinson said the company, which launched in 2012, will use the funding to develop more innovative solutions to support small to midsized e-commerce retailers.
"We’ll continue to innovate our platform, creating unique products and services for that small to midsized retailer, helping them grow," he said. "A big thing that the Springbot team really takes pride in is that we see ourselves as the champions for small, mid-size e-commerce retailers. And really trying to take technology typically only available to large retailers and making that acceptable to smaller retailers. More automation, more data available to drive more marketing."
In addition to product development, the company will use the funding to hire for positions across the startup, including software developers and positions in sales, marketing and customer success, Robinson said.
"We’ll continue to expand our sales and marketing efforts, as well as customer success to really make sure we have a world class customer experience for the retailers to join our platform," he said.
In the past three years, the company reports it has increased its annual revenue by 1640%. Springbot has gone through the Georgia Tech accelerator program Flashpoint and the state's incubator, ATDC.
This is Springbot’s third round of institutional investment following a $10 million Series B in December 2016 and $6 million Series A in 2015.
Using deep analytics and automation, the Springbot platform helps small and mid-size retailers understand what marketing---whether it be email, social media or online advertising---is working for their business and what step they should take next, Robinson said. The company assists retailers across the world in different verticals, ranging from fashion apparel to outdoor goods to consumer package goods.
"So we basically have built the dashboard or the cockpit for the e-commerce marketer to really drive more traffic, more conversion and hopefully more revenue for their store," he said.
When asked how the funding would impact the future of Springbot, Robinson said the capital was validation of what the team has built in terms of scale and quality of the platform. Springbot, he said, sees the funding as a way to bring new resources to its customers.
"All of our existing investors also contributed to the funding," he said. "I think that shows the performance the team has had over the past two years. And I think the capital being able to begin to innovate and grow the team has been a huge opportunity."
