SAN FRANCISCO--(BUSINESS WIRE)--Northbeam, the machine learning-powered marketing measurement platform for DTC and ecommerce brands, today announced it has closed $15 million in Series A funding led by Silversmith Capital Partners. The company will use the funds for further product development, including expanding its machine learning capabilities.
As the digital marketing and media landscape becomes more complex and fragmented, Northbeam’s machine learning allows marketers to maximize the efficiency of their ad spend - well before they’ve gone through the bulk of their campaign budget. Many marketers are running campaigns concurrently across platforms like Snapchat, TikTok, Amazon, Facebook and Instagram, and Google and YouTube, but struggle to determine which spend is truly driving business results. Northbeam helps customers understand the ROI of their marketing and then delivers actionable insights to drive profitable growth. Brands get a clearer picture of their customers’ buying behavior across all channels, including influencers, owned media, TV, podcasts, press, and direct mail.
“Marketing spend accounts for a large percentage of brands’ budgets, and yet, many companies have limited insight into which marketing spend is actually driving profitable growth,” said Austin Harrison, CEO of Northbeam. “Northbeam helps brands invest in the growth efforts that make economic sense, which is especially important today given the current macroeconomic picture.”
Northbeam’s Series A announcement comes as many startups and publicly traded companies are reevaluating budgets and strategies across the board, particularly in marketing departments. Northbeam is a trusted partner in helping companies improve customer acquisition cost (CAC) ratios, reduce cash burn, and drive better outcomes even with smaller marketing budgets. During this period of economic uncertainty, Northbeam has enjoyed 37x year-over-year revenue growth (July 2021 - July 2022) while forging commercial partnerships with brands such as PetMeds, The Ridge, Jones Road Beauty, TRUFF, Vessi, Hexclad, and many others.
“Calculating ROI on marketing investments is top of mind for most companies and has been for many years,” said Sri Rao, General Partner of Silversmith. “The Northbeam team brings together the relevant experience in marketing and AI required to help marketers make sense of ever-expanding amounts and sources of data. Customers we spoke with are consistently enthusiastic about their partnerships with Northbeam and we are excited to support the company as partners in this next phase of growth.”
For more information, visit Northbeam.io.
Northbeam powers more efficient and scalable marketing strategies for ecommerce and DTC brands. The platform combines machine learning and first-party data to give brands and marketers actionable insights into marketing spend across dozens of channels - before they overcommit and overinvest. Northbeam offers brands a clear picture of sensible ad spend so they can outperform benchmarks and hit the KPIs necessary to grow profitably. For more information visit Northbeam.io.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, DistroKid, impact.com, Iodine Software, LifeStance Health, and Webflow. For more information about Silversmith, please visit www.silversmith.com or follow the firm on LinkedIn.