Business Finance

Mavrck announces the raise of another $5.8 million in funding

On Thursday, 1st November, a start-up, Mavrck made an announcement stating that it has raised another $5.8 million in funding, that get its total raised to $13.8 million.

As per reports, back in 2015 when the company raised its Series A funding it was focussing more on assisting brands to work with “micro-influencers” who were already using their products. However, in today’s date, the company describes itself as an “all-in-one” influencer marketing platform, that offers various tools to measure and automate the process.

Back in the previous month, Mavrck announced that it would be adding new features for Pinterest, in which it is now an official partner.

The company that has a customer base which includes PepsiCo. Godiva and P&G revealed that its recurring revenue has grown 400 per cent year-over-year.

In the funding announcement, co-founder and CEO Lyle Stevens said, “Everything that we have done at Mavrck this year has been done with the intention to drive the influencer industry forward.”

“Each partner we have started working with, every single influencer behaviour we have kept a track of, every new capability we have introduced as part of our mission statement, in order to aid marketers to harness the power of content that people believe and trust to drive tangible business value for their brands”,  he further stated.

According to a spokesperson close to the matter, he said that the new funding has been received from Kepha Partners and GrandBanks Capital although this is not a Series B, in fact, it is more like additional capital raised to support channel partnerships and increased demand.

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Hemant

Writer, blogger, domain investor. Passionate about everything related to domain names and branding.

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