Durham-based Adwerx is expanding its coffers to support anticipated growth.
The adtech firm, a spinout of PlayMetrics parent eMinor, dropped a pair of funding documents Monday – an equity raise for $1.3 million and a second vehicle for $1.5 million. The filings were signed by new CEO Michael Collins, who replaces Jed Carlson, the company’s founder, who stepped aside for personal reasons last year.
Collins said the firm is “getting ourselves ready to get into an aggressive growth phase.”
“As part of that, we’re working with our investors to get more cash on the balance sheet,” he said, noting that firm’s current fundraise is “very much in process." But he said he's unable to give further details.
The raises attracted eight investors and two investors, respectively, according to securities filings. The $1.5 million raise was a mixture of options and warrants.
Collins said the company is “looking at multiple different capital sources to complete this round because, as a company, we have a lot of strong options.”
When asked if he had advice for other CEOs looking to raise capital in a tough economic environment, he said, “My only advice is, in today’s environment, EBITDA [earnings before interest, taxes, depreciation] is king.”
The raises come amid several other successful funders in 2023 by Triangle firms. Other recent raises disclosed in SEC filings include:
- SonoVascular: The Chapel Hill company is developing a system to treat arterial and venous diseases. It added $1.4 million to an existing raise, for a total of nearly $2.2 million in its round, according to a Jan. 17 filing.
- Mesur.io: The Chapel Hill-based data company added $250,000 to its coffers, according to a Jan. 13 filing.
- Plantd: The Durham-based firm, developing a hemp-based building material, added nearly $13.6 million, according to a Jan. 11 filing.
- IMMvention Therapeutic: The UNC-Chapel Hill spin-out in Durham, which looks to treat inflammatory diseases, added about $2 millio,n according to a Jan. 10 filing.
- Know Foods Corp: The Raleigh-based gluten-free food company raised nearly $850,000, according to a Jan. 6 filing.
- Grid Therapeutics: The Durham-based cancer therapeutics firm raised just over $1.7 million, according to a Jan. 5 filing.
- CureMint: The Durham-based procurement software firm – aimed at dentists – raised nearly $1.3 million, according to a Jan. 4 filing.
The list doesn't include Zift Solutions, which recently announced it has raised $70 million – but as of Jan. 24, no filing on the raise had dropped.
