$50m growth financing for Partnerize
Partnerize has secured $50 million growth financing.
The round into the North East partner automation firm was led by Accel-KKR and also includes an expanded debt facility with Silicon Valley Bank.
Partnerize will use the funds to accelerate innovation of its AI-powered partner automation platform and to support both regional and global go-to-market initiatives.
Joe Porten, principal at Accel-KKR, will join the Partnerize board of directors.
"Revenue-generating partnerships drive more than 20% of total sales for most Fortune 1000 brands," said Porten.
"Partnerize's intelligent partner automation platform helps more than 300 global brands drive results across their entire partner ecosystem, and we see tremendous growth and upside ahead as Partnerize expands its footprint both in the US and in key international markets.
“We look forward to working with co-founder and CEO Mal Cowley and the rest of the Partnerize team as they continue to transform the partner automation category."
Partnerize is the preferred partner automation solution for 65 leading global retailers, 11 international airlines, eight of the world's largest telcos and more than 200 other global brands.
Managing partnerships poses challenges for any company, and as large brands increase their investments in such partnerships, the friction increases.
The Partnerize platform solves these challenges by automating every element of partner management and improving performance and optimization with proprietary AI.
The platform increases order value and overall revenue for brands, while lowering cost per sale, helping to grow customer lifetime value and enabling global expansion.
"We are proud to engage with Accel-KKR, a leading investment firm focused on growth equity investments in software and technology globally," said Partnerize Co-founder and CEO Mal Cowley. "We share a belief in the tremendous growth potential of the partnerships industry and the game-changing nature of AI, and look forward to creating new levels of success."