Springbot Closes $10 Million Series B Round Funding; Announces Growth Plans
Harbert Growth Partners Leads Financing Effort
Atlanta, Ga., December 13, 2016 – Springbot, the leading eCommerce marketing platform provider, today announced it has closed a $10 million Series B financing round led by Harbert Growth Partners with participation from existing investors including, Tech Operators and TTV Capital. Springbot also announced that Wayne Hunter, the managing partner, co-founder and head of Harbert Growth Partners, has joined the Springbot board of directors.
Springbot’s eCommerce marketing platform for small to medium-sized online retailers combines the power of marketing automation and marketing analytics to simplify the data, content and multi-channel marketing necessary to drive site traffic, improve conversions and ultimately grow revenue.
Springbot will continue to fuel growth through innovation that enables eCommerce merchants to capture share of the $2 trillion global retail eCommerce market. With this financing, Springbot will:
- Expand its sales and marketing efforts including launch of a Springbot eCommerce Scorecard available for all online retailers to benchmark their performance versus their peers;
- Develop and launch a marketing data co-op to allow eCommerce marketers to expand their addressable market;
- Strategic product development for Springbot’s “Marketing Robotics” service which includes continued advancements in prescriptive analytics and marketing optimization;
- Launch new strategic partnerships and continue to work with best-of-breed shopping carts, marketing services and social platforms; and
- Grow the Springbot team at Colony Square in Midtown Atlanta while continuing to be one of Atlanta’s Best Places to Work.
“This is an exciting time in the Springbot journey made possible by our passionate team and customers,” said Brooks Robinson, co-founder and CEO of Springbot. “We are dedicated to providing our customers with innovative marketing technologies to help them grow as well as forging new strategic partnerships to increase the overall value of the Springbot platform.”
Harbert Growth Partners has a reputation for funding growth stage companies with defensible positions in large and growing markets, including marketing technology, eCommerce enablement and online retailers.
“A significant and growing market such as eCommerce combined with Springbot’s unique platform represents a highly attractive investment opportunity,” said Wayne Hunter, managing partner of Harbert Growth Partners. “Harbert looks for talented teams and companies with leadership positions in high growth markets, and we are very excited to work with the Springbot team to scale their business and serve its markets.”
Today’s news caps off a highly productive 2016 for Springbot that provided innovations in their product offering for eCommerce merchants including:
- Social Hub and Advanced Shoppable Instagram that allows merchants to leverage their product catalogs for publishing or turn lifestyle Instagram images into product purchases;
- Email personalization that automates emails based on consumer behavior including interactions with an email campaign or shopping cart;
- Dynamic web and social retargeting ads to help retailers leverage customized ads based on customer and product segments;
- Unique Coupon Codes which allows personalization of digital promotions to specific customer segments; and
- Amazon Essential that helps merchants seamlessly sell direct to consumers on the Amazon marketplace.
About Harbert Growth Partners
The Harbert Growth Partners Funds are emerging growth stage investors focused on rapidly growing technology and healthcare companies. The HGP Funds are affiliates of Harbert Management Corporation (“HMC”), an alternative asset management company which manages approximately $4.4 billion in Regulatory Assets Under Management as of June 30, 2016, from offices in 11 locations across the United States and Europe.
About Springbot: Springbot delivers an eCommerce marketing platform to small and medium businesses that combines the power of marketing automation and marketing analytics. The cloud-based offering integrates and makes simple the data, content and multi-channel marketing tools (social, online, email, etc.) eCommerce website owners need to drive more traffic, conversions and revenue. Springbot helps eCommerce Big Commerce, Magento and Shopify merchants grow their revenue by taking smarter, data-driven marketing actions.