Revenew, a Palatine-based digital marketing startup founded by a former Motorola executive, said Wednesday it has raised $5 million in venture capital from a group of Midwestern investors.
The company, founded in late 2006, connects industry groups, manufacturers and resellers through an online network. Its technology helps members of the network build customer databases, generate marketing campaigns and track the results. Revenew said more than 45 national brands and thousands of resellers in industries such as consumer electronics, healthcare and information technology are signed up with its network.
"Now we are using the money we've raised to go into new segments," said founder and Chief Executive Nasrin Thierer, who worked at Motorola in management and marketing roles before launching the company. "The focus is going to be on IT as well as expanding into other consumer electronics segments," including appliances and automotive electronics.
Thierer and two individual investors, whom she did not name, provided initial funding for Revenew. Allos Ventures, a firm with offices in Indiana and Ohio, led the new $5 million round. Michigan-based TGap Ventures and IllinoisVentures, the University of Illinois' early-stage technology investment firm, also participated.
Revenew currently employs 28 people, and Thierer said the company will add 10 to 12 more people over the next year or so in sales, marketing, account management and technology.
(c)2013 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by MCT Information Services
Original healdine: Startup Revenew gets $5 million in backing
Most Popular Stories
- Clinton to Keynote Annual Simmons Leadership Conference
- Selena Gomez, Shakira Among Top Hispanic Searches
- How to Survive a Subzero Stranding
- GM to Stop Making Autos in Australia
- It's Primary Time in Texas
- PhD Project Grooms Business Profs
- Bipartisan Budget Deal Gets Key Support in House
- N.M. Dems Say Nonprofit Helping Martinez Campaign
- Deficit Shrinks, Hiring Grows as Economy Improves
- Budget Deal Raises Deficit $41 Billion: CBO