SAN FRANCISCO — Metamarkets, a developer of interactive analytics for programmatic marketing, has closed a credit facility with Wellington Financial LP and City National Bank totaling $14.25 million. This growth capital will help Metamarkets expand its engineering team and invest in its real-time data processing infrastructure.
“It’s the first inning in the digital transformation of a $684 billion global industry for marketing, spurred by data and algorithms,” said Mike Driscoll, CEO of Metamarkets. “This capital will be directly invested in expanding the team and technology behind our real-time data processing infrastructure, which handles 100 times as many transactions each day as the New York Stock Exchange.”
This new funding comes on the heels of an active summer of growth and development for Metamarkets, which recently announced the general availability of its Metamarkets API to allow clients to directly pull data into their own systems and seamlessly build web applications directly on Metamarkets’ infrastructure.
Metamarkets was recently named by Inc. Magazine as the 292nd fastest-growing private company in America, on the heels of doubling its run rate in 2016.
“Silicon Valley-based companies are increasingly realizing that they don’t have to dilute their shares through equity in order to invest in their development,” said Ash Vaidya, Partner at Wellington Financial. “With an expanding client base in a growing market, recurring revenue streams, and unique technology assets, Metamarkets is an ideal candidate for this credit facility, and we’re excited to help them accelerate their growth with this deal.”
“City National Bank was founded by entrepreneurs, and we are very proud to continue to be part of the growth and success of Metamarkets,” said Rod Werner, Managing Director of Technology and Venture Capital Banking at City National Bank. “With this funding in place we look forward to continuing our longstanding partnership and providing the support they need to continue to scale the business and meet the demands of their clients.”
The financing agreements with Wellington Financial and City National Bank expand on the support of the company from its existing investors, including Khosla Ventures, Data Collective, IA Ventures, Village Ventures, True Ventures and Founder Collective.