- Fort Collins, Colorado-based Madwire announced it raised $16 million from CIBC Innovation Banking across two separate transactions
Madwire — a Fort Collins, Colorado-based company that provides software and services to meet the business management and marketing needs for small-to-medium-sized businesses (SMBs) — announced it has received $16 million from CIBC Innovation Banking across two separate transactions. CIBC initially provided $10 million of working capital financing to help support Madwire’s continued operational expansion. And then CIBC provided an additional $6 million term facility for financing Madwire’s acquisition of SpaceCraft — which is a cloud-based website development and management platform located in Austin, Texas.
This acquisition is Madwire’s second in the last 15 months. Last year, Madwire also acquired SilverEdge. The SpaceCraft deal closed last month.
“Madwire has established itself as a major tech company in Northern Colorado. They have a clear product vision and through their efficient growth, have built a scalable software platform alongside a flexible professional services organization,” said Charlie Kelly, Managing Director with CIBC Innovation Banking’s Denver office. “Madwire has also capitalized on a strong brand to attract talent.”
Madwire’s software helps SMB owners manage and grow their businesses quickly and easily with a suite of easy-to-use technologies all in a single platform called Marketing 360. With Marketing 360, customers can subscribe to the platform on a Do-It-Yourself (“DIY”) basis or utilize Madwire’s deep expertise and account management resources with a Do-It-For-Me (“DIFM”) model.
The acquisition of SpaceCraft further extends Madwire’s technology platform. And SpaceCraft’s nearly 10,000 customers have expanded Madwire’s overall paid subscribers to more than 20,000 SMBs. The SpaceCraft office will remain open in Austin and will serve as a launchpad for future growth and talent acquisition.
“CIBC’s approach to supporting high growth software companies was a great fit for Madwire,” added Madwire CFO Matt Bryson. “They had a flexible solution to our initial capital need, and then responded quickly to support our acquisition. We appreciate their partnership and long-term view on the value that our team is creating.”