Location marketing technology leader SIM Partners today announced it has raised $5 million in funding led by River Cities Capital Funds, a growth equity firm investing in healthcare and information technology companies, and Jump Capital, a Chicago based venture capital firm specializing in expansion stage and growth capital investments.
“SIM Partners continues to gain well-deserved industry recognition as the location marketing leader and has an impressive track record for driving results for leading brands,” stated Dan Fleming from River Cities Capital.
With more than 50 clients and 40,000+ locations, SIM Partners helps large businesses with multiple locations acquire and retain customers through its Velocity location marketing automation platform. Velocity includes a powerful location data management tool to drive visibility for local listings; a content management system that automates the creation of location-based content and experiences; and a robust insights platform to inform local content strategies.
“We see huge growth opportunities for SIM Partners because the Velocity platform delivers a proven ROI for clients,” stated Sach Chitnis, Managing Director at Jump Capital. Both Jump Capital and River Cities were already investors in SIM Partners.
The funding comes at a time of growth for SIM Partners and location marketing. Local search is a major catalyst in the growth of location marketing. According to Google, the number of “near me” searches has increased by a multiple of 34 since 2011, and 50 percent of consumers who conduct a local search on their smartphone visit a store within a day. SIM Partners’ Velocity platform helps power these endless amounts of opportunities.
“We appreciate the ongoing support from our investors, and we are excited to drive innovation and continue to provide value for our customers,” said Jon Schepke, CEO of SIM Partners.
He added, “SIM Partners is uniquely positioned to create innovative solutions for clients by reaching a target audience – local customers or patients. The demand we are seeing for our product in multiple verticals is strong, particularly given the tremendous amount of growth in healthcare."
Clients including Advocate Health Care, American Family Insurance, ATI Physical Therapy, Red Wing Shoes, Save-A-Lot, Starwood Hotels & Resorts and U.S. Bank have seen the value in SIM Partners’ Velocity platform. Recent industry recognition includes a Digiday Signal Award in the category of Best Location-Based Marketing Platform, a Stevie award for technology innovation and a BIA/Kelsey GOLOCAL award for excellence in generating sales revenue for clients.