Real-time marketing platform SHIFT announced that it was able to obtain new funding worth USD6 million in its Series B investment round. The funding round was led by one of Europe's leading venture capital firms, DN Capital. As a result of the significant investment, DN managing partner Nenad Marovac was appointed as one of SHIFT's board directors. According to SHIFT Chief Executive Officer James Borow, the new funding obtained by the company will go towards scaling its business and improving its growth in Europe. Moreover, the proceeds of the funding will reportedly go towards the offshore expansion of its Open Marketing Cloud. SHIFT's cloud service seeks to provide access to managers to an ecosystem of best-in-class marketing apps, as said in a press release.
Borow, who is also co-founded of SHIFT, added, "2013 has been a huge year for us, we launched our platform and have grown our sales by over 300%, driven by global advertisers adopting the SHIFT Open Marketing Cloud. We are thrilled to have a partner in DN Capital who can help us hit the ground running in international markets. Their experience in helping companies scale in Europe will be integral in helping SHIFT continue to deliver brands and agencies the technology needed to break down data silos and create more efficient ways to execute marketing across organizations."
Marovac said, "SHIFT and its Open Marketing Cloud have created a transformative experience for the marketing and advertising industry," said Nenad Marovac, Managing Partner of DN Capital. "This experience is evidenced by its lucrative list of customers, which include advertisers and brands such as AMEX, SONY, AT&T, Red Bull, Marriott, Unilever and L'Oreal. We look forward to bolstering the Open Marketing Cloud and growing SHIFT's presence in Europe and beyond."
SHIFT recently opened its first office abroad in September, which is located in London. The company is expecting to reach into additional foreign markets by next year, as said in its press release.
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