Springbot Raises $6 Million in New Funding and Names New Board Member
Springbot, an eCommerce marketing platform designed for small to mid-sized online businesses, announced they have raised $6 million in their latest round of funding. The financing was led by TTV Capital and included increased participation by existing investors such as TechOperators as well as contribution from new investor Silicon Valley Bank.
With this investment, the company announced that Mark Johnson, former vice chairman of CheckFree and current partner at TTV Capital, will join Springbot’s board of directors. Johnson brings a wealth of eCommerce and FinTech experience to fast-growing Springbot. Current board members include Dave Gould, partner at TechOperators, Allen Nance, partner at TechSquare Labs and Brooks Robinson, CEO and co-founder of Springbot.
“This is an exciting time in Springbot’s history and I am excited to join the board of the company that is revolutionizing the eCommerce industry for small and medium business,” said Johnson. “Springbot has a tremendous team and I look forward to working with this innovative company as it embarks on a path to further capitalize on their unique product offering and continued growth.”
Founded in 2012, Springbot is a Gold Technology Partner of Magento, an eBay company, and has combined the power of marketing automation and marketing analytics to deliver its Marketing Robotics service that helps eCommerce stores drive more traffic, conversions and overall revenue.
Springbot has increased its customer base by more than 500 percent over the past 12 months and currently serves more than 400 online retailers. “Our growth has been accelerating and this latest funding will be used to continue investing in our innovative eCommerce marketing platform and continue increasing our sales, marketing and customer experience efforts” said Brooks Robinson, co-founder and CEO of Springbot.
“Small and medium businesses need the same data-driven marketing solutions used by large online retailers, but they need it to be a simple, affordable and fully integrated solution that makes the most of their limited time and resources,” said Robinson. “Our software as a service marketing platform is designed specifically to help eCommerce SMBs understand their multi-channel marketing attribution and ROI so they can grow their revenue.”
As part of the latest financing, Springbot added Silicon Valley Bank to its world class group of investors. “We look forward to working with Brooks and the Springbot team as they continue to expand their business and offering with this equity raise,” said Dale Kirkland, Managing Director at Silicon Valley Bank in Atlanta. “Our goal is to help our clients increase their probability of success with the right financing and services, and we’re here to support Springbot in that endeavor.”
Currently the company employs 40 people in Atlanta with plans to add an additional 60 people over the next year. To accommodate this growth, Springbot has recently relocated from the Advanced Technology Development Center (ATDC) at Georgia Tech to a significantly expanded office at Colony Square in Midtown Atlanta.
“As we look to the future, we are focused on Springbot’s commitment to help online SMBs grow while applying it to a broader vision, and on a larger scale,” said Robinson. “We are excited about the future and want to thank all of our customers, investors, partners and team that continue to join us on our exciting journey.”
About TTV Capital
TTV Capital invests in technology-enabled financial services businesses with disruptive technologies, software-as-a-service solutions or cloud applications that have scalable business models and exceptional growth opportunities. TTV Capital’s team of experienced technology and financial services professionals has more than 100 years of venture capital and highly relevant industry operating expertise acquired across three decades and multiple economic cycles. The firm’s primary goal is to create value for entrepreneurs and investors by using our knowledge, experience and relationships to help businesses grow and succeed. To learn more, visit //www.ttvcapital.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
Springbot delivers an eCommerce marketing platform to small and medium businesses (SMBs). Founded in 2012, Springbot is a Gold Technology Partner of Magento, an eBay company, and has combined the power of marketing automation and marketing analytics to deliver its Marketing RoboticsTM service. Our SaaS offering integrates and makes simple the data, content and multi-channel marketing tools (social, online, email, marketplaces, etc.) eCommerce SMBs need to drive more traffic, conversions and overall revenue. Springbot helps eCommerce SMBs grow their revenue by taking smarter, data-driven marketing actions. For more information, visit //www.springbot.com.