Facebook Ad Firm Spruce Media Secures $15M

Facebook advertising solutions provider Spruce Media announced Wednesday that it secured $15 million in debt financing from Square 1 Bank.

The Facebook Strategic Preferred Marketing Developer said it will use the money to accelerate sales growth, bolster its technology development team, expands into additional U.S. cities, invest in its technology build-out, and add infrastructure for its managed service and self-service business units.

Founder and CEO Rob Jewell said:

We’re growing fast, and that usually puts you in the red. But sales have been way ahead of our expectations due to strong renewals and increased budgets from existing customers, and we’re seeing higher initial order sizes from new customers as we’ve become more of a trusted player in the Facebook marketing ecosystem. We’ve also seen increased sales activity as a result of being named one of 12 Facebook Strategic Preferred Marketing Developers.

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