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Cloud-based marketing service Revenew has secured $3 million in funding, bringing its financial backing total to $14 million.
The round was led by Indianapolis-based Allos Ventures. Illinois Ventures and Kalamazoo, Michigan-based TGap Ventures also contributed, Revenew founder and CEO Nasrin Thierer said.
Founded in 2006, Revenew produces software that allows “global” companies to share marketing and advertising materials with the “local” retailers and distributors who sell their products. Originally conceived as a consumer electronics company, Revenew has developed into a channel through which enterprise brands can deliver their proprietary data, funds, advertorial content, and tools including email marketing, social media advertising, and database management to their smaller affiliates.
“We see lot of companies that have a need to help local affiliates market their products," Thierer told Chicago Business. “The question is how to manage all the chaos. We see the marketing mix concentrating more on search [advertising]--how to localize it.”
Concurrent with its financial growth, Revenew has installed a new set of executive additions. Jeanette Howe, the erstwhile executive director of Specialty Electronics Nationwide, will join as the inaugural senior vice president of business development, while former executive vice president at Aprimo Inc. and software industry veteran John Stammen has assumed the role of president and COO. Finally, the company has gained a new senior vice president of sales in Todd Rathje, who previously served as area vice president of social media management software company Sprinklr.
“We’re thrilled to have recently added John Stammen..Todd Ratjhe...and Jeannette Howe... Each one has a proven track record of growth and success in their respective field,” said Theirer. “They also have innovative ideas for how to grow Revenew and an inherent understanding and excitement about what we’re doing and where we’re going.”
“I’ve always gravitated toward emerging technology businesses, and was also drawn to Revenew given the company’s vision and roots in Chicago,” said Rathje, in a statement. “More and more companies are making the transition from national to local marketing. Revenew’s local marketing platform is innovative and unique, and I’m excited to help businesses leverage the technology to drive their local marketing efforts and sell more of their products.”
The company, which now employs 41, won't reveal specific goals in response to the new funding, but plans to focus on internal development. “We will be using this round of funding to expand into new markets, grow our employee base, and continue to invest in our technology,” Thierer said.
Updated 11/21/16: Revenew is now named Aprimo
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