Dublin marketing firm Swrve raises $30m in funding
Dublin-based mobile marketing firm Swrve has closed a $30m (€28m) funding round,- its second major raise in just over a year.
Swrve provides a mobile analytics platform that takes signals from customers' activity and responds to them in real time, allowing users of the software to adjust their marketing techniques accordingly. It helps companies to hold on to customers and 'engagement' of mobile users. As well as Dublin, Swrve has operations in the US, London and continental Europe. Its product has been installed one billion times.
The funding round was led by Evolution Media Partners, a partnership of the US talent company the Creative Arts Agency backed US private equity firm Evolution Media Capital, private equity group TPG Growth and production company Participant Media.
The Irish taxpayer was also an investor through the Ireland Strategic Investment Fund. Others participating in the oversubscribed round included existing investors US firm Acero Capital and Irish venture capital fund Atlantic Bridge.
Swrve said that the funds will be used to "accelerate product development and sales growth".
The investment will lead to the creation of 45 new jobs at the company's Dublin base. The firm employs about 85 people in total.
Swrve also said it has acquired Adaptiv.io, a data automation plaform for mobile. Founded in 2007 Adaptiv.io provides real-time analysis and actions to maximise revenue through its data automation system for online and mobile marketing.
Speaking to the Irish Independent Swrve co-founder and chief technology officer Dr Steve Collins said that the funding will be used to focus on sales and product development.
"We have just figured out how to sell into Europe and the US so we're looking to double down on that and scale up. In tandem with that we are looking to double down on engineering and R&D, we are just scratching the surface of what is possible for mobile marketing," he said.
The latest investment is the company's second in a little over a year after it raised $10m in 2014.