TechStars 2011 alumnus Promoboxx this morning announced closing a $1.375 million investment round. The funding was raised in collaboration with investors Launch Capital, Boston Seed, SK Ventures, Common Angels and Stage 1 Ventures.
We've covered the Boston-based company, which acts as an online marketing bridge between brands and retailers, extensively over the years—from its closing an early investment round a year ago to locking down a massive Super Bowl deal with Chevy—and are pleased (though not at all surprised) to hear they're continuing to gain momentum. The round comprised over 30 individual angels, including Jean Hammond, Walt Winshall, Michael Mark, Mike Dornbrook, Rich Greenfield, Adam Berrey, Dave Balter, David Kaufmann and more.
"You could say we've achieved some market validation, and that it's time to scale," said CEO Ben Carcio in a blog post announcement about the genesis of the latest round of funding, and the bravado of those early investors. "So, we went back to those same [first] investors, and the response was awesome. Not to mention...they brought some more friends."
In addition to the blockbuster Chevrolet deal, Carcio said the company has added more major brands including Trek Bicycles, Reebok and Volkswagen, and others left unnamed. Carcio then added that the funding amount is just right for where Promoboxx is right now, and will allow the company to iterate its product and reach more customers—"all while keeping our future options wide open."
" To sum it up," said Carcio, "the core value of our business model is about combining local retailers together to create something much more valuable to the brands. So, by working with our angels/local micro-seeds and our team we've started to create something greater than the sum of its parts. Onward!"
Greater than the sum of its parts may be accurate, but those parts are proving pretty potent, as well. Onward indeed for another Boston startup and proud TechStars graduate.
You can read the full blog post here.
