Netsertive, a provider of proprietary technology for connection retailers with customers in local markets, is looking to accelerate its already rapid growth with $10 million in new financing.
The RTP-based startup, which raised $4 million in 2010, has landed $7.3 million in new equity financing as well as $2.5 million in a credit line from Square 1 Bank in Durham.
With the funds, Netservice plans to double the size of its staff with 60 new hires. It also plans to move into larger office space this fall.
Investors include Harbert Venture Partners of Richmond, Va., which led the round, as well as previous backers RRE Ventures and Greycroft Partners.
“We have a simple vision: creating innovative technology to connect local consumers to products and businesses,” Brendan Morrissey, chief executive officer of Netsertive, wrote in a blog post. “We’ve tapped into a massive market that has gone largely unnoticed for years. Ninety percent of local purchase decisions are influenced by online experiences. Our technology and team unlock the power of online discovery for businesses in local markets. It’s been a thrill to see the tremendous impact we’ve had on hundreds of businesses and brands around the country.”
Netsertive targets a local marketing spending opportunity estimated to be worth $130 billion a year, some 421 billion of which is already targeted online, the company said, citing data from research firm BIA/Kelsey.
“We’ve watched Netsertive grow rapidly over the past three years, and we’re convinced that their team and technology is solidly positioned to be a market leader in the channel marketing and local digital advertising arenas, both large and growing markets,” said Wayne Hunter, managing partner with Harbert Venture Partners, in the announcement.
Hunter becomes a member of the Netsertive board as part of the deal.