Square 1 Provides Spruce Media With $15MM Financing
Spruce Media, a San Francisco-based enterprise-class marketing solutions provider for Facebook Ads, announced that it has secured $15MM in debt financing from Square 1 Bank. Spruce Media continues to grow its market share by helping advertisers, agencies, and trading desks on Facebook drive consumers from likes to influence.
Spruce Media will use the financing to accelerate sales growth and further scale its technology development team. Additionally, Spruce plans to expand into additional U.S. cities, invest in its technology build out, and provide additional infrastructure for both its managed service and self-service business units.
“We’re growing fast, and that usually puts you in the red,” said Rob Jewell, founder and CEO of Spruce Media. “But sales have been way ahead of our expectations due to strong renewals and increased budgets from existing customers, and we’re seeing higher initial order sizes from new customers as we’ve become more of a trusted player in the Facebook marketing ecosystem.”
Square 1 Bank is a full-service commercial bank that serves the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.