City National Provides Smarter Remarketer Debt Financing
Smarter Remarketer announced it secured $7 million in venture debt financing from City National Bank. Smarter Remarketer will use this financing to provide additional capital for expanding the company’s growing sales and marketing activities.
This financing comes after Smarter Remarketer secured $7 million in venture funding provided by Battery Ventures earlier this year.
In just four years since its founding, Smarter Remarketer has demonstrated year-over-year growth and success with some of the nation’s largest retail brands, including Eddie Bauer, Finish Line and eBags, among many others. City National Bank’s financing will be used to accelerate Smarter Remarketer’s growth through 2014 and expand the company’s customer intelligence platform.
“The Smarter Remarketer team is thrilled to be working with one of the top venture debt banks in the world,” said Howard Bates, CEO of Smarter Remarketer. “Combining this financing with our previous capital investment made by Battery Ventures gives us the perfect combination of financial partners to continue to grow our business. City National Bank spent considerable time understanding our capital needs and tailored a facility that enables us to continue focusing on expanding our core product platform and evolving our capabilities to help marketers more effectively and efficiently engage their customers.”
“We see tremendous potential in Smarter Remarketer and are pleased to be working with them,” said Bill Sweeney, East Coast regional managing director for City National Bank. “Not only does the company have impressive entrepreneurial senior leadership, including multiple industry veterans, but the technology is innovative and relevant in the rapidly expanding global marketing automation and customer intelligence market.”
City National Bank’s financing follows the posting of Smarter Remarketer’s best-ever annual performance in 2013 that saw revenue growth of three times higher than the previous year and the introduction of the company’s SR2 Big Data platform, which allows retailers to engage individual website visitors in real-time based on up to several years’ worth of customer data, from behavioral through transactional.
Smarter Remarketer is a customer-centric behavioral automation platform that enables retailers to create targeted segments of visitors and customers.