Monday, August 27, 2012
Netsertive Secures $10 Million, Will Hire 60 New Employees in RTP
CED Member Netsertive, a fast-growing ad tech firm specializing in localized digital advertising and channel marketing technology, recently announced it has closed $10 million in a combination of a $7.3 million round of Series B equity financing and a $2.5 million credit facility.
Netsertive plans to hire an additional 60 employees and relocate to a larger corporate headquarters based in Research Triangle Park this fall.
“We were founded in the RTP region and are committed to staying here,” said Brendan Morrissey, CEO. “We are excited to add such a significant number of jobs to this dynamic community.”
Netsertive is one of the employers who will be actively recruiting at the CED All Things Tech Job Fair, which will be held at the Raleigh Convention Center on Tuesday, Sept. 11, from 8 - 10:30 a.m. The job fair precedes the CED Tech Venture Conference 2012, the premier technology conference in the Southeast.
The company provides standalone localized campaign automation as well as its innovative Digital Co-Op system that combines brands and local channel partners in turnkey, cooperative online ad campaigns. It applies its patent-pending technology in specific vertical markets including Audio/Video & Security, Home Goods, Automotive, Sports & Fitness, and Medical Practices.
Harbert Venture Partners, of Richmond, Va., led the equity round and was joined by existing Series A investors RRE Ventures and Greycroft Partners, both of New York City. Debt financing was completed with Square 1 Bank, Durham, N.C.
“We’ve watched Netsertive grow rapidly over the past three years, and we’re convinced that their team and technology is solidly positioned to be a market leader in the channel marketing and local digital advertising arenas, both large and growing markets,” said Wayne Hunter, managing partner with Harbert Venture Partners.
Hunter joins Netsertive’s board as a part of the deal.
“This latest round of financing enables us to continue expanding our capabilities, scale the business, and deliver more solutions for brands and local businesses that help them drive more revenue,” said Morrissey. “We’re thrilled to have Harbert Venture Partners joining our team and to have RRE and Greycroft continue to help us build on our fast growth.”
Netsertive secured a $4.5 million Series A round in late 2010. Since that time, revenue has increased seven-fold and they’ve hired more than 50 employees. The company expects to hire at least 60 more in the next 12 months to meet demand and extend its technology platform with more products.
Netsertive received a 2012 North Carolina Companies to Watch Award, presented by CED in partnership with the Edward Lowe Foundation, on June 7, 2012.