Digital advertising software company Choozle has brought on a $15 million private equity investment aimed at building out its self-service media buying platform.
The company announced the $15 million Series C investment from Boathouse Capital, a Philadelphia-based private equity firm with over $350 million under management, on May 12.
Choozle, which was founded in 2012, gives advertising agencies and marketing departments a digital advertising software platform that leverages consumer data for advertising campaigns across mediums.
This company said this private equity funding will help drive customer and revenue growth through product innovations, as well as accelerated sales and marketing efforts.
"It's a testament to our team and platform that we maintained consistent financial growth despite the uncertainties of the last year," said Andrew Fischer, co-founder and CEO of Choozle, in a statement. "This additional investment enables us to continue to bring self-serve solutions to the mid-market while aggressively investing in our product to ensure Choozle remains the most innovative and intuitive platform on the market."
The company has 63 full-time employees in Denver and is actively hiring to support growth related to this funding, with open positions on its sales, product, platform operations and engineering teams.
Choozle has appeared on Inc. Magazine’s list of the 5000 fastest-growing companies in America each of the past four years, topping out at No. 113 in 2017. The rankings for each list are determined based on percentage revenue growth over a three-year span, with minimums of $100,000 in the first year and $2 million in the last year.
Choozle most recently landed at No. 2421 in the 2020 list, reporting 171% three-year growth from 2016 to 2019.
In backing Choozle, Boathouse Capital Managing Partner Chong Moua said the firm was excited for the company’s future.
"Choozle has demonstrated impressive financial and operating performance and has successfully built a sizable platform. A high caliber management team leads the company, and we are excited to provide them with the capital and resources to scale the business further," Moua said in a statement.
The PE firm typically invests $5 million to $30 million of capital in the form of debt and equity into high-growth middle-market companies.
