Swrve has closed a significant investment deal with Summit Bridge Capital.
Mobile and social marketing company Swrve today (14 September) closed a major Series D funding round, which was led by Summit Bridge Capital and existing investors.
It will be used to meet increasing demand from Swrve’s enterprise customers, broaden investment in its enterprise-grade solution and accelerate its worldwide growth.
The company was founded in 2010 by Hugh Reynolds and Steven Collins, the pair that co-founded Havok in 1998.
This latest round of investment comes as Swrve’s software development kit reaches 2.5bn in-app installations, processing more than 12bn behavioural user events daily.
Expected expansion for Swrve
A major industry player in delivering bespoke mobile experiences, Swrve has collaborated with Warner Brothers, Marketo and Condé Nast among others.
The expansion of the product and engineering teams in Dublin and Los Angeles is now on the cards, as well as global expansion of Swrve’s customer success and enterprise sales teams.
Monthly revenue has risen by more than 220pc globally between 2015 and 2017, with strong growth showing in Europe, the Middle East and the Americas in particular. The average deal size has quadrupled in this short space of time, with several of the deals jointly won in partnership with Oracle and Salesforce, among other integrated firms.
CEO of Swrve, Christopher S Dean, explained the business model: “We want to bring the power and possibility of mobile and other emerging devices and channels to the world’s largest and most successful brands. Our platform is built to enable our customers to collect and understand real-time behavioural data relating to customers, build user profiles, and thus deliver highly targeted campaigns and customer experience journeys over any digital channel.”
David Lam, general partner of Summit Bridge Capital and member of Swrve’s board of directors, said he and the rest of his team were “staggered by the growth in Swrve’s business over the last 12 months, and the long and growing list of leading brands that continue to experience extraordinary results based on Swrve’s mobile-engagement technology”.