FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Silicon Valley Bank, Verve Close $30MM Debt Financing Package

June 21, 2016, 07:26 AM
Filed Under: Technology

Verve, a leader in location-powered mobile marketing, announced that it is expanding its long-standing relationship with Silicon Valley Bank (SVB) with a new $30 million debt financing package.

Growing over 50 percent annually for the past four years, Verve embarked on its international expansion with the opening of its UK office this March. Current campaigns with new European partners are demonstrating strong performance and the new capital will accelerate the expansion of Verve's patented capabilities into other markets. In addition, Verve recently announced increased investment in Verve Velocity, its self-service platform for marketing partners providing location-based mobile solutions for SMB markets. Furthermore, this additional funding will enable Verve to continue building new data and platform solutions for its expanding customer base.

"Silicon Valley Bank has played a pivotal role in Verve's expansion," said Nada Stirratt, Verve CEO. "Verve is a pioneer in the mobile location business, and we have proven our ability to build a rapid-growth, profitable platform with industry-leading margins. This additional investment from SVB allows us to make strategic data and technology acquisitions to complement our distinctive capabilities in the US and abroad."

"Silicon Valley Bank is pleased to continue our long-standing relationship with Verve," said Eric Otterson, Managing Director for SVB in San Diego. "We're impressed by Nada and the leadership team that has realized the company's consistent growth in a highly competitive market. We are thrilled to provide the Verve team with the right financing, connections and global services necessary to facilitate their continued growth."

Verve is a location-based mobile marketing platform that connects advertisers with consumers to deliver successful business outcomes. The company's proprietary location intelligence, patented technology, premium inventory, and analytics capabilities empower marketers to identify, reach and engage consumers with compelling advertising experiences.

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.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.