Evocalize Banks $12 Million to Scale its Local Digital Marketing Platform
Seattle-based collaborative marketing startup Evocalize has grabbed $12 million in Series A funding for its data-driven digital marketing solution designed for local businesses and the real estate industry.
Investors in the Series A include Move, Inc., operator of Realtor.com, Second Century Ventures, and Habanero Ventures.
“Realtor.com is one of our oldest partners, and they know our technology and team incredibly well. So, for them to invest in us in such a meaningful way is humbling and a real validation for us,” says Matthew Marx, co-founder and CEO of Evocalize. “Many of their products have been built on top of Evocalize technology already, and we expect to deepen those integrations and introduce new innovative programs together that I’m really excited about.”
Growth in Evocalize’s platform has accelerated during the work-from-home Covid-19 era as more local businesses have turned to digital channels. According to BIA/Kelsey, out of $168 billion spent on local advertising in 2019, just 37% was spent on digital channels. In 2020, local digital advertising spend only shifted by 2%, indicating that the rate of local digital advertising adoption has not accelerated as quickly as other sectors. In December, BIA/Kelsey increased its 2022 U.S. Local Advertising Forecast to $173.3 billion.
With consumers growing even more comfortable interacting locally through digital means, Marx says the need for Evocalize’s technology became clearer to investors in 2021.
“Logistically speaking, conducting meetings by video made the process faster and more efficient by removing the need to hop on a plane to fly for in-person pitches and allowed us to respond faster when investors asked for additional details or follow-up meetings. There’s more efficiency; however, it’s hard to duplicate what you get from in-person interactions, so that is definitely a price that you pay for the new process,” Marx says. “That was a factor in our choice to work with investors whom we already knew very well.”
This new round of funding gives Evocalize the ability to enhance its automation and machine learning capabilities to advance digital marketing performance for local businesses, while also adding new channels to reach consumers in the places they spend time online. Evocalize plans to expand into new industries, as well, to provide local and national-to-local marketers with new “push-button-simple tools.”
Multi-location brands and technology platforms that serve local teams benefit when they provide local digital marketing capabilities that are fully integrated into their solutions. However, the team at Evocalize see an opportunity in the landscape, where most firms lack the necessary technology to provide local solutions in a customizable way that’s scalable and ensures brand compliance. Evocalize’s technology enables parent brands and technology providers to quickly launch unique digital marketing programs for their local teams and users. The programs leverage data, creative content, audiences, and best practices.
Evocalize’s technology supports businesses across industries, however with this Series A round, the company appears to be staking its claim in the real estate market.
In a statement, Move, Inc. CEO David Doctorow said his company’s long-standing relationship with Evocalize has helped real estate agents and other local businesses make their digital marketing more effective.
“Evocalize’s collaborative marketing platform has helped us create marketing products and solutions like Market Reach and Local Expert, which our broker and agent customers use to connect with local buyers and sellers, save time, and generate results,” Doctorow added. “We’re pleased to deepen our relationship with Evocalize with this investment and help them bring collaborative marketing to more businesses that surround the home transaction.”
In the coming months, Evocalize plans to expand deeper into other industries, while also doubling down on its real estate offerings. Marx says the company will be adding cross-channel capabilities to reach its users’ prospective customers online, in a way that creates a one-stop-shop for small-scale marketers.
“There are a number of industries beyond real estate that have local and national-to-local needs, including mortgage, insurance, multi-family housing, senior living, financial services, restaurants, and travel,” Marx says. “All of these industries stand to gain significantly from the adoption of our collaborative marketing technology.”
Stephanie Miles is a senior editor at Street Fight.