Durham advertising technology startup Adwerx has raised $14.5 million and plans to use the funds to accelerate its growth.
CEO Jed Carlson said the company, which disclosed its latest funder Tuesday, is on a growth tear.
"In the last 12 months, we’ve seen our enterprise line of business grow by 70 percent, and our head count has grown 38 percent to support it," he said. We now have 155 [employees]. This capital will continue to provide the fuel we need to hit our growth goals."
The latest round of capital is a combination of equity and debt, assembled from Texas Capital Bank’s Technology Banking Group, Savano Capital Partners and existing investors.
“Despite the pandemic, the world keeps turning, and capital availability for growing companies is relatively abundant,” Carlson said.
Adwerx has developed what it calls its Customer Relationship Advertising platform. Its technology automatically generates personalized digital ads for sales and account management teams. Personalized ads then “follow” a salesperson’s current clients and prospects as they browse the web and social media, keeping the salesperson top of mind.
We asked Carlson what the plan was for the next 12 months.
“We’re going to continue to develop our Customer Relationship Advertising platform, continue growing our presence in the real estate and mortgage verticals, and further expand into other verticals like Insurance, Wealth Management, Legal, and Independent Software Vendors," he said. "Our platform is very versatile, and can help any sales organization keep their sales producers in front of prospects, clients, referral networks."
Adwerx spun out of eMinor in 2015. eMinor was the parent company of ReverbNation, which recently sold to Singapore firm BandLab.