WealthEngine (WE), a Bethesda, Maryland-based predictive marketing, analytics, and audience development service, announced it went into a credit financing agreement for $6.5 million in growth capital from CIBC Innovation Banking. And WealthEngine plans to use the funding to continue expanding its offering of innovative analytics tools, which enables companies in the for-profit and not-for-profit sectors to access powerful insights to target, segment, and engage with their customers and donors.
“The combined growth capital and working capital provided by CIBC Innovation Banking will help us continue to scale our company and to introduce new solutions to the global wealth management and fundraising industries,” said WealthEngine CEO Prashanth (PV) Boccasam in a statement.
WealthEngine works with more than 3,000 industry-leading financial services, healthcare systems, high-end hospitality organizations, etc. to understand their current and prospective donors and customers. And the company’s cloud-based prospect engagement platform contains WE Profiles for 250 million adults in the U.S. Plus WealthEngine is an ardent support of its local community and a member of the 1% Pledge movement.
Some of WealthEngine’s previous investors include Novak Biddle Venture Partners, Signatures Capital and Streamlined Ventures. And some of WealthEngine’s partners include Salesforce, CommunityBrands, Salsa, Ellucian, Allegiance Software, The Angeletti Group, Aristotle, DonorDirect, IBM, Marketo, and ROI Solutions.
“We are excited to work with WealthEngine as we deploy creative financing solutions to help further accelerate the company’s growth,” added CIBC Innovation Banking, Virginia managing director Paul Gibson. “WealthEngine’s unique analytics platform offers tremendous value for the for-profit and non-profit sectors, and we look forward to working with this innovative, rapidly growing organization.”
