Shift Raises Round for International ExpansionTuesday, December 10, 2013
Santa Monica marketing tech startup Shift is making a push into overseas markets with the help of a $6 million capital infusion from London investor DN Capital.
The round brings Shift’s total financing to $14 million, according to the company. Shift last raised venture capital funding in June last year in a $12 million debt and equity round led by Rincon Venture Partners in Santa Barbara.
The startup has undergone a rebranding. It was founded by James Borow and local angel investor Clark Landry in 2010 as an app developer known as GraphEffect, but received a new moniker in October last year to represent its expanding services and technologies. Shift now focuses on its Open Marketing Cloud platform that allows marketers to communicate with each other and use third-party apps to run campaigns.
Borow, Shift’s chief executive, said the company’s sales have grown by more than 300 percent over the last year due to global adoption of the Shift platform. The company made its first push into international markets when it opened an office in London in September and will use the latest funding to expand into additional markets next year.
“We are thrilled to have a partner in DN Capital who can help us hit the ground running in international markets,” Borow said in a statement. “Their experience in helping companies scale in Europe will be integral in helping Shift continue to deliver brands and agencies the technology needed to break down data silos and create more efficient ways to execute marketing across organizations.”