Global digital media holding company CPXi announced that it has closed a $30 million funding round, said to be a mix of debt and equity, from the Business Development Corporation of America. Prior to the recent news, CPXi had raised no outside capital since launching in 2000.
Back in June 2013, CPXi announced it would open an office in New Orleans that will be primarily a media buying office, including online advertisements, social search, and display.
The company experienced significant year over year growth with increasing revenue. 2013 reports show $123 million in revenue, which includes a Q4 acquisition, up from $75 million in 2012.
The funds will be used to invest in the growth of CPXi’s programmatic creative and programmatic media technology and services. Additionally, funds will be used for general corporate purposes as the company has four main divisions including bRealTime, Simplixity, Affiture and AdReady, which CPXi acquired last fall.
“This funding will allow CPXi to invest more heavily in programmatic, the natural progression of where we need to go, to attract more brand dollars to programmatic buying. We’re also looking to procure deals with new partners and further invest across our divergent business units,” said Michael Fleischman, CFO at CPXi.