The company announced today that it has finalized a round of fundraising that brings on-board additional working capital to finance the accelerating growth of CampaignDrive. Existing Pica9 shareholders were pivotal in this latest financing effort, expressing continued enthusiasm for the forward direction of the company and its flagship product.
Capital raised in this latest round of financing will be invested in expanding the capabilities that have helped to win three major global brands in the past month and to continue Research & Development efforts already underway to enhance the industry-leading platform, CampaignDrive.
Investors cited the company’s strong performance in the December quarter as evidence of Pica9’s long-term prospects. Continued improvements in the company's key operating metrics and the recent additions to the management team were also main factors driving investor demand. On the strength of these positive trends, investors oversubscribed the investment round.
Bruce Reading, Chairman, shared his satisfaction about the results of the fundraising. “We are delighted with the progress and momentum in our business and it is clear that our shareholders and investors share in our enthusiasm. CampaignDrive is very well positioned as the leading global platform for SaaS local marketing automation, and investors fully recognize the magnitude of the opportunity. They’ve given the company and the product their vote of confidence.”
"Investors have given the company and the product their vote of confidence"
Bruce Reading, Chairman
With an outstanding December quarter spurring momentum, CampaignDrive has continued to add to the growing investment thesis by adding three major global brands to the product's customer list in the first two months of 2017. These latest members of the CampaignDrive customer base highlight the product's flexibility for a wide variety of industries – spanning verticals from fast-casual dining to wealth management.
Because of CampaignDrive's SaaS framework, the product is easy for customers to configure for a wide variety of distributed marketing needs – everything from franchise networks with thousands of locations to distributed sales agents or brokers. Investors see this as a major advantage for the SaaS product over its close competitors, as the new round of funding clearly indicates.
New capital means Pica9 will be able to deepen its investments in three key areas that saw the company included as one of only three Distributed DAM platforms featured in Gartner’s Market Guide to Digital Asset Management.
- Growing Sales Department The company is planning to aggressively invest in its sales and marketing efforts as it continues to demonstrate leadership in the local marketing automation category. Pipeline growth has been consistent and is expected to accelerate, with more enterprise accounts interested in CampaignDrive.
- Industry Thought Leadership The marketing department is expected to devote additional resources to create thought leadership resources that further raise the company’s visibility with brand marketers.
- Product Research & Development Additional investment in R&D efforts is also on the radar for Pica9. In 2017, one strategic priority is to focus on API-based integrations to other marketing technologies, including Customer Relationship Management (CRM), procurement and workflow tools.
Reading sounded an optimistic note as he considered the future trajectory for the company. “The company has the resources behind it to push further into our core market and further leverage the advantages it already has. This round of investment should remove any doubts that Pica9 is a force to be reckoned with in this category.”
Even more good news for the company has come out in recent announcements. In addition to the Pica9 funding round, the company was named to Gartner's Market Guide for Digital Asset Management as one of only three providers mentioned in its inaugural report on Distributed DAM platforms. The company was also highlighted among the Top 300 companies in New York City by business research firm, Owler.