Adwerx, which describes itself as a customer relationship advertising platform, has announced $14.5mn of new funding.
The company’s offering integrates with CRM systems to generate personalised digital advertisements automatically for sales and account management teams, before being distributed to clients and prospects.
The new $14.5mn is a mixture of equity and debt from Texas Capital Bank’s Technology Banking Group, Savano Capital Partners, and existing investors.
“We admire what Adwerx has built and see it filling a critical need for sales organisations of all sizes and types, especially in a professional world that now operates both virtually and in person,” said Josh Seaman, senior vice president of Texas Capital Bank’s Technology Banking group. “We are thrilled to work with Company Management as a capital partner and look forward to what we can accomplish together.”
The company said it would use the funds to further build on the 70% growth it has experienced over the last 12 months.
“We’re meeting face to face less often these days, but people still buy from people,” said Jed Carlson, CEO of Adwerx. “Our customers find great value in how CRA keeps their salespeople or account managers in front of their prospects and clients all the time, regardless if they have a team of 10 or a team of 10,000 sales producers. This year we will add more than 250 enterprise customers, and this financing gives us more fuel to continue investing into the growth drivers of the business.”
Customer engagement management (CEM) platforms of this kind are a burgeoning area of interest for companies looking to maximise customer relationships. Metrigy’s 2018-19 Digital Customer Experience study of 697 organisations found that only 20.9% were using CEM tools.
Earlier this year, the company partnered with financial services industry-focused CRM Total Expert to include its digital advertising solution for targeted and compliant automated messaging.
“Working together is going to provide value to mortgage lenders, loan officers, and the clients they serve by making processes more efficient, and leveraging the power of automation and advertising to drive conversion,” said Jed Carlson, at the time.
