Broadwick Set to Expand With $500,000 of Funding from NC IDEA
May 18, 2006 Technology News(PRLEAP.COM) Durham, NC – Broadwick Corp., a provider of web-based emarketing communications software, announced today that it has secured initial investment funding of $500,000 from NC IDEA. The funding is intended as a bridge to an upcoming Series A financing. Already profitable and with 25 employees, Broadwick has grown organically since its inception in mid-2003 and now has raised capital to make investments in marketing and product development in order to speed up the sales pipeline.
"NC IDEA is very excited by the potential of Broadwick to re-define the one-to-many emarketing communications industry,” said W. Merrette Moore, Vice President of NC IDEA, who is joining Broadwick’s Board of Directors, “We’re glad to add Broadwick to our list of portfolio companies and look forward to helping Broadwick expand into the next IT success story in the Triangle in the coming years.”
Ryan Allis, co-founder and Chief Executive Officer of Broadwick commented, “We’re glad to be working with a partner like NC IDEA. After six months of exploring different options for growth capital, our management team felt like NC IDEA provided the best overall deal. With the financing and upcoming 4.0 launch of IntelliContact we’re very bullish on our current prospects.”
Broadwick’s flagship product IntelliContact is a web-based email marketing software service that makes it easy to create, send, and track email newsletters and surveys. IntelliContact currently has over 4,700 customers and over 35,000 users. Broadwick will be launching the 4.0 version of IntelliContact on August 1, 2006. The 4.0 version will allow for simple central management of multi-channel emarketing communications including Email, Mobile Email, RSS Feeds, and Blogs.
Broadwick intends to use part of the funds from the round to hire 4-5 additional employees in the next three months, mostly Web Application Developers who can help speed up the product development timeline. One recent high-profile hire for Broadwick was CFO Tim Oakley, who was CFO at OpenSite from 1998 to 2000.
Broadwick is a leading provider of web-based emarketing communications software. Broadwick’s flagship web-service IntelliContact allows small businesses and associations to easily create, send, and track permission-based email newsletters and surveys. Broadwick’s enterprise-level offering, IntelliCampaign, allows large organizations to build strong relationships with their customers and prospects and manage multichannel emarketing campaigns. Broadwick has over 4,700 customers including market leaders like International Paper, Super 8 Motel, Symantec, AT&T, Vonage, Re/Max, United Colors of Benetton, and Viacom. Broadwick has 25 employees and is based in Durham, NC. For more information, visit www.broadwick.com.
About NC IDEA
NC IDEA provides traditional venture capital as well as grants to seed and early stage technology companies in North Carolina. NC IDEA further supports these companies by leveraging its strong, strategic partnerships and alliances to help the companies through research phases, business challenges and growth goals. NC IDEA is committed to supporting North Carolina's economic development by ensuring young, innovative companies grow, create jobs and become contributing business leaders. For more information, please visit www.ncidea.org.
Ryan Allis, CEO
Office: (919) 459-1447
Cell: (919) 260-2576
NC IDEA Contact:
W. Merrette Moore
Office: (919) 941-5600 x104