Bizo Announces $12.5 Million in Financing
Digital marketing technology leader executing to annual revenue run rate of $40 million
SAN FRANCISCO, June 25, 2013 /PRNewswire/ -- Bizo, the global leader in business audience marketing, today announced it has raised $12.5 million in venture debt financing from City National Bank. With this funding, Bizo has raised almost $30 million in total equity and debt capital, providing the company with the financial flexibility to continue its rapid growth, further build out its technology platform and make strategic investments. Bizo also announced it expects to exit Q2 with an annual revenue run rate of approximately $40 million.
As the leading business audience marketing company in the world, Bizo reaches more than 120 million business professions (85 percent of the US business population), works with over 750 SMB marketers and enterprise brands such as American Express, Box, AT&T and Salesforce.com and is partnered with over 4,200 publishers. Bizo is central to the B2B marketing mix, enabling brands to reach and nurture prospects throughout the marketing funnel with its Business Marketing Platform. The company also recently launched Bizo Data Solutions to help marketers break down the information silos of their marketing programs by integrating Bizo business audience data with top marketing technology platforms such as Salesforce, Adobe® AudienceManager, Eloqua, BlueKai, [x+1], Google Analytics and others.
Founded in 2008, Bizo has accelerated past the nascent stages of a technology company's development, recently debuting on the Inc. 500 at 86 with a 3,306 percent three year revenue growth rate, growing headcount by 75 percent in the last 12 months and increasing its customer base 50 percent during the same time period.
"Today's business audience is consuming information across many channels, devices and online environments," said Russell Glass, CEO of Bizo. "Bizo delivers the technology, data, and B2B expertise that empower enterprise CMOs to reach and engage their prospects anywhere online and at every stage of the marketing funnel. We're focused on providing game-changing capabilities to the market and debt capital is very inexpensive right now. This financing ensures we are well capitalized to maintain our leadership position in the B2B online marketing space and are well-positioned to make strategic investments as we continue to build a thriving business."
"City National Bank has been serving entrepreneurs for nearly 60 years and we are committed to helping them grow their companies," said Rod Werner, managing director of City National Bank's Technology and Venture Group in Palo Alto. "Bizo is well poised to strengthen its leadership position in a market that has drawn the attention and investment of the industry's biggest players."
Bizo is how B2B marketers identify and reach their target audiences online. Fueled by Bizo's audience of more than 120 million professionals around the world, including more than 85% of the U.S. business population, the Bizo Marketing Platform can precisely target business people by specific business demographic criteria. Bizo's customers use the platform's data management and targeting capabilities to reach audiences anywhere they travel online and engage those that come to their websites, landing pages, and social channels. Bizo has earned the confidence of more than 750 SMB marketers and large global brands including AMEX, Mercedes Benz, Monster, Salesforce.com, Porsche, Microsoft, AT&T, and UPS who use Bizo to impact every stage of their sales and marketing funnels. www.bizo.com
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $27.4 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $59.0 billion in client investment assets, including $39.7 billion under direct management. For more information about City National, visit the company's Website at cnb.com.
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