Verve Raises $30M in new financing for Strategic Growth Acceleration and International Expansion
Leader in mobile marketing raises capital from long-time partner Silicon Valley Bank to drive market expansion, acquisitions, and technology advancements
NEW YORK, June 20, 2016
Verve, the leader in location-powered mobile marketing, today announced that it is expanding its long-standing relationship with Silicon Valley Bank (SVB) with a new $30 million debt financing package.
Growing over 50 percent annually for the past four years, Verve embarked on its international expansion with the opening of its UK office this March. Current campaigns with new European partners are demonstrating strong performance and the new capital will accelerate the expansion of Verve’s patented capabilities into other markets. In addition, Verve recently announced increased investment in Verve Velocity, its self-service platform for marketing partners providing location-based mobile solutions for SMB markets. Furthermore, this additional funding will enable Verve to continue building new data and platform solutions for its expanding customer base.
“Silicon Valley Bank has played a pivotal role in Verve’s expansion,” said Nada Stirratt, Verve CEO. “Verve is a pioneer in the mobile location business, and we have proven our ability to build a rapid-growth, profitable platform with industry-leading margins. This additional investment from SVB allows us to make strategic data and technology acquisitions to complement our distinctive capabilities in the US and abroad.”
“Silicon Valley Bank is pleased to continue our long-standing relationship with Verve,” said Eric Otterson, Managing Director for SVB in San Diego. “We’re impressed by Nada and the leadership team that has realized the company’s consistent growth in a highly competitive market. We are thrilled to provide the Verve team with the right financing, connections and global services necessary to facilitate their continued growth.”
“We know that the mobile landscape will evolve, and Verve plans to be at the forefront of delivering greater advertising performance for our clients,” said Stirratt. “We are doubling the size of our product and engineering team and actively pursuing impressive additions to our portfolio.”
Verve is a location-based mobile marketing platform that connects advertisers with consumers to deliver successful business outcomes. The company’s proprietary location intelligence, patented technology, premium inventory, and analytics capabilities empower marketers to identify, reach and engage consumers with compelling advertising experiences.
Headquartered in New York City, Verve has offices in San Diego, San Francisco, Los Angeles, Washington, D.C., Chicago, London, Eastern Europe, India and Southeast Asia. For more information, visit www.vervemobile.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.