Adwerx Raises $4.3 Million in New Funding Round
Round led by Grotech will be used to fuel expansion
Adwerx, a leading provider of localized digital advertising for real estate professionals, lenders, and small businesses, today announces that it has raised $4.3 million in a funding round led by Grotech Ventures, with participation from Bull City Venture Partners and Alerion Ventures. The new funds will be used to scale the Adwerx Enterprise program in the real estate vertical and fuel expansion into other verticals.
“Adwerx Enterprise is gaining significant traction in real estate as firms begin to add digital marketing to their stack of technology offerings for agents,” said Jed Carlson, CEO of Adwerx. “The additional capital will allow us to accelerate the Adwerx Enterprise growth into the real estate market and beyond.”
Adwerx ranks 173rd on Inc’s 500 fastest growing companies in the U.S. with growth of 2,443 percent. The company has provided digital advertising for over 50,000 real estate professionals and other small businesses and has recently expanded its Adwerx Enterprise program in real estate, securing deals with Chicago-based @properties, leading national firm RE/MAX, LLC, and others.
Grotech Ventures is based in Washington, D.C. and has invested in a variety of companies including Living Social, Advertising.com, and Contactually. “We are excited to be working with Don Rainey and the entire team at Grotech,” added Carlson.
“At Grotech, we pride ourselves on being long-term partners with companies we invest in,” said Don Rainey, General Partner at Grotech Ventures. “Adwerx helps small businesses master the complicated world of digital advertising. We look forward to working with them as they continue to develop a comprehensive advertising platform.”
Adwerx was spun off from ReverbNation in late 2014 and raised $1.25 million in an earlier funding round. The company has been nominated for multiple Inman Innovator awards for advertising innovation and technology.
Adwerx has provided brilliantly simple digital advertising to over 50,000 real estate industry customers and other small businesses across all 50 states and Canada. All Adwerx engineers, designers, and customer service professionals share a common mission: to make simple and effective online marketing tools that work for everyone. Adwerx was ranked as #173 in the Inc. 5000 list of America's Fastest Growing Private Companies for 2017 and has been an Inman Innovator Award nominee for its advertising technology. For more information, visit www.adwerx.com.
Founded in 1984, Grotech Ventures (http://www.grotech.com) is a leading early investor in high-potential technology companies. With more than $1.5B under management, Grotech seeks innovative, early-stage IT companies and continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. Grotech supports early-stage companies through investments starting at $500,000. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell. The firm has offices in Virginia, Maryland, and Colorado.
SOURCE LION & ORB