Durham-based Appia, a fast-growing firm that works with mobile service providers, publishers and advertisers to attract new customers, has secured another $5 million in debt financing.
The funds will be used for further expansion efforts.
Appia already is on a fast growth track.
The firm recently ranked No. 1716 on the Inc 5000 list with 226 percent revenue growth between 2010-2012, rising to $10.4 million.
North Atlantic Capital is providing a portion of the funding. It’s the second time that company has provided capital to Appia this year.
In April, Appia expanded its debt facility with Silicon Valley Bank and raised $5 million from North Atlantic.
Appia recently added mobile advertising veteran Jamie Fellows as chief product officer. Fellows’ experience includes working as the director of product management at Advertising.com, a startup that was acquired by AOL for $435 million. At AOL, Fellows worked as vice president of product management, where his responsibilities encompassed AOL’s advertising. Most recently Fellows worked at mobile advertising firm Millennial Media (NYSE: MM). He was senior vice president of product for the Maryland company, which generated $177.6 million in 2012 revenue. Fellows says he came to Appia in part because he feels a pull toward early stage companies.
In February, Tim Oakley came on board as chief financial officer. Oakley, who served as CFO at email marketing firm iContact, is Appia’s first CFO.