Swrve Closes $10 Million Series B Funding Round to Fuel Expansion
Date: September 18th, 2014
San Francisco, Calif. – September 18, 2014 - Swrve, the leader in mobile marketing automation, today announced that it has closed a $10 million Series B round of financing led by Acero Capital. All existing investors, including Atlantic Bridge and Intel Capital participated in the round bringing the total amount raised to $22 million to date. Acero’s General Partner Rami Elkhatib has joined the board of directors. The capital will be used to accelerate Swrve’s global expansion, continue to build out its platform and hire additional talent in sales, marketing and engineering.
Swrve currently has more than 500 million unique device identities and processes three billion events every day across its platform, which helps more than 100 leading mobile app businesses, including Activision, Warner Brothers, Beamly, Electronic Arts and Tagged, to drive retention and engagement of mobile consumers. Swrve’s mobile automation platform helps mobile marketers deliver an ‘in-the-moment’ understanding of the consumer interaction with the app and thereby helps brands to build loyal and profitable relationships with their target audiences.
This round comes on the heels of the appointment of former Urban Airship and Skype executive, Christopher S. Dean as Chief Executive.
Additional recent company milestones include:
- A 300% growth in customer base in the 12 months to September 2014
- A 10x increase in the growth of “non-game” App customers
- Integration of iBeacon technology, bringing geo-targeted proximity- based campaigns to the mobile app
- Launch of Swrve’s real-time personalization engine for mobile apps and the expansion of its A/B testing methodology to include native content, in-app messages and push notifications helps managers optimize and orchestrates multi-touch user journeys
- Swrve now has over 50 employees, growing to 75 by the end of the year. Last year at this time, Swrve had 30 employees
“As our conventional understanding of ‘e-commerce’ becomes increasingly obsolete and more and more consumers conduct business via mobile devices, it is platforms like Swrve that will control and grow the consumer relationship,” said Christopher S. Dean, CEO of Swrve. “Our vision is to orchestrate the messages and content around data and increase the retention of users to make them lifelong customers. We are moving to non-technical customers in a wide variety of markets and this capital will enable us to reach them quickly and efficiently.”
“After a deep dive in the mobile marketing automation space, we found that Swrve is in a league of its own. Its mobile-first platform provides a complete vision for personalizing and optimizing every step between consumers and the brands they love. And more than 100 brands have signed on in the last 18 months,” said Rami Elkhatib, General Partner, Acero Capital. “With this kind of momentum, I'm looking forward to working with Christopher and the Swrve team to build a global leader in the fast growing $15 billion mobile marketing automation market.”
“Mobile marketing automation is a rapidly growing sector as the app space continues to be increasingly competitive,” said Robert Rose, analyst for Digital Clarity Group. “Every mobile app company will need to quickly evolve this skill to help them get ahead, retain users and separate themselves from the 1.2 million apps currently in the market.”