Funding builds on momentum of six consecutive quarters of triple-digit revenue growth and breakthrough success developing the customer marketing automation service category
eRelevance Corporation, a leading provider of customer marketing automation service for SMBs, today announced it has completed a $5.1 million round of financing. The latest funding is the result of the company’s phenomenal sales and growth in 2016. In its second year of selling the Marketing Automation services, eRelevance has managed to register 444% YoY revenue growth, heading towards $4 million in annual recurring revenue (ARR).
ERelevance raised $5.1 million in a deal led by Rally Ventures and joined by existing investors Chicago Ventures, Miramar Venture Partners, Martin Investment Holdings, and Capital Factory. The company has now raised a total of $13.7 million.
The company has maintained triple-digit revenue growth for six consecutive quarters and has acquired nearly 800 customers in nine quarters.
Excited on successfully seeing the company through the latest funding round, eRelevance Co-founder and CEO Bob Fabbio says, “This strategic round of funding will help us accelerate the growth of our business toward our $10 million ARR financial milestone and continue to delight our customers with our unique and innovative service.”
Rally Ventures led the round with other existing investors Chicago Ventures, Miramar Venture Partners, Martin Investment Holdings, and Capital Factory. Since inception, eRelevance has raised $13.7 million. In March 2016, eRelevance scooped $4.5 million Series A from the same set of investors.
How will eRelevance use newly acquired capital?
Privately funded and based in Austin, Texas, eRelevance is a Red Herring Global 100 Winner and one of BuiltInAustin’s Top 50 Startups to Watch. Bob informs, “The additional funding will be used to expand our sales and marketing efforts and further develop our platform to earn an even greater leadership position in the nascent customer marketing automation service category.”
Pioneering the category of customer marketing automation as a managed service, eRelevance has enabled SMBs to reach their existing customers with targeted campaigns across digital channels, including email, text, mobile conversations, Facebook, Instagram and the web.
eRelevance is pioneering the customer marketing automation service category by providing small businesses with sophisticated, powerful marketing capabilities that are usually too costly, complex or otherwise out of reach for small business. Combining its proprietary technology platform with in-house marketing experts, eRelevance offers big-company marketing capabilities as a tech-powered service, reducing marketing workload for small businesses, at a price point they can afford.
The Recent Milestones
eRelevance hired two new executives in March to expedite software development and innovation. Michael Norman came on board as the vice president of software development and Melonie Poole as director of client success. The addition to the management enabled the company to position itself as a forward-thinker in martech, promising to satisfy customers’ expectations in an ever-evolving SMB market.
“There are thousands of marketing technology tools and marketing service companies catering to small businesses today, but most of them are focused on finding new customers. At eRelevance, we are focused on helping small businesses generate more repeat business from their existing customers,” says Fabbio.
Rewards for Multi-Channel Marketing Technology Accessible to Small Businesses
eRelevance, through its insights on solving modern marketing challenges, offers great sustainable customer results with internal expertise and continued technology innovation for the SMB market. The latest funding round proves that the investors reward martech firms offering innovation solutions that address customer marketing and experience opportunities.
By raising new capital, the marketing automation solution provider is expected to drive more repeat business from customers, offering in-house marketing expertise leveraged over unique and sophisticated technology.