NEW YORK, June 3, 2019 /PRNewswire/ -- AdHawk, a company that helps small and medium-sized businesses expand their digital marketing presence, today announced a $13 million round of new funding. The Series B financing was led by Entrée Capital with participation from Table Management, Accomplice, and others. To date, AdHawk has raised $17.7 million.
This fundraising effort comes on the heels of AdHawk's acquisition of FloorForce, the largest digital marketing and website platform for the floor covering industry. The acquisition, which was announced in January, was part of AdHawk's larger effort to expand its presence in the $66 billion flooring space. Todd Saunders, CEO and co-founder of AdHawk, called this fundraising round a demonstration of their commitment to floor covering and other home service categories.
"In the past year, our team has grown from a 30-person company to a 100-person company, all while remaining extremely capital efficient," Saunders said. "We've seen significant growth in tandem with our recent acquisition of FloorForce, and this latest round of funding will enable us to continue to invest heavily in the flooring and home services sectors."
Floor covering is a multi-billion-dollar industry that is underserved by technology, Saunders pointed out. By allocating AdHawk's resources to this industry, they are helping thousands of small business owners compete with heavy hitters like Home Depot, Lowe's, and Lumber Liquidators. "It's a game-changer for local businesses trying to win against the big-box stores," Saunders said.
In addition to leveraging the digital marketing services AdHawk and FloorForce already provide, the company recently launched FlooringStores.com, a directory site that connects consumers who are shopping for flooring with specialty retailers in their geographic area. FlooringStores is currently live in Florida and will be rolling out across the country in the coming months.
Avi Eyal, Entrée Capital's Managing Partner, expressed enthusiasm in AdHawk's decision to delve into the floor covering industry.
"There's a massive divide between consumers, the flooring retailers that service them and the entire industry supply chain. AdHawk is closing that gap for thousands of retailers across the country," Eyal said. "The company has seen explosive growth to date. We're excited, and fortunate, to be able to join and support the company on its journey ahead."
About AdHawk, Inc.
AdHawk, Inc. is the parent company of AdHawk, FloorForce, and FlooringStores. Our mission is to empower small and medium-sized businesses with the technology necessary to succeed online. For more information visit www.tryadhawk.com, www.floorforce.com, or www.flooringstores.com.
About Entrée Capital
Entrée Capital, with offices in the US, UK, and Israel, was founded in 2009 to provide multi-stage funding to innovative seed, early and growth stage companies all over the world. Entrée Capital manages over $300m across a number of funds and its portfolio includes monday.com, Stash, Stripe, PillPack, Deliveroo, Prospa, Riskified, HouseParty, SeatGeek, Coupang, SnapChat, and over 50 other investments.