Foureyes and Adpearance, Portland-based sister companies working in sales enablement and marketing, raised $10 million from a strategic family office to bolster the companies’ flexibility and ability to invest in growth.
Co-founder and CEO David Steinberg said the companies, which are growing 83% year-over-year, have a different take on raising capital than most tech companies. “It’s a myth that money buys execution. We’ve always managed our access to capital very well and that’s allowed us to achieve a great valuation with minimal dilution. We have no desire to be a runway company in continual financing mode. The money allows us some optionality in our product roadmap but we are keeping our heads down and will continue to build great products. ”
Foureyes is a data and sales intelligence software company helping businesses sell better without distracting salespeople. Adpearance is a digital marketing company focused on sales outcomes. Together the companies support more than 1,700 customers in automotive, powersports, and heavy equipment.
Key to helping the companies succeed is their ability to address problems that are typically siloed into marketing or sales. Aaron James, Co-founder and President of Adpearance, said, “Pretty early in our history, we realized that people were paying Adpearance for marketing services, but expected sales outcomes. It’s why we invested so much of our early profits to build Foureyes. Now our combination of technology and service uniquely delivers what business leaders expect.”
Adpearance, founded in 2008, has 91 employees and is hiring. Foureyes, founded in 2016, has 106 employees and is also hiring.
“More than any investor, our employees are building the value of our companies,” said Steinberg. “Aaron and I have always believed that employees deserve a share of what they’re building. It’s why we designed our Employee Participation Plan in 2013 to formally give a significant percentage of the company to our employees. Being able to make that feel more real for our staff is probably what I’m most excited about with this capital raise.”