Bizo announced that it had obtained a venture debt financin deal worth US$12.5 million from City National Bank. Bizo is the global leader in marketing for a business audience.
With the the debt, the company was able to raise US$30 million in equity and debt capital. This total amount would provide the firm the financial flexibility to continue on its growth agenda through the building of strategic investments and expanding its technology platform.
The announcement also included the expectation that by the second quarter of 2013, it would have an annual revenue rate of nearly US$40 million.
According Bizo CEO Russell Glass, "Today's business audience is consuming information across many channels, devices and online environments. 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."
For its part, City National Bank's Technology and Venture Group Managing Director Red Werner, "City National Bank has been serving entrepreneurs for nearly 60 years and we are committed to helping them grow their companies, 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."
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