Amsterdam-based Bynder, a provider of branding automation and marketing solutions, just closed its first round of funding.
The 3-year-old company today announced a $22 million Series A round from Insight Venture Partners, a New York-based venture capital and private equity firm. It plans to use the money to accelerate sales, marketing, customer success and development.
"A lot of funded companies use capital to cover their debts," said Bynder CEO Chris Hall. "We are cash-flow neutral so we can put that full amount into growth. We'll have growth across the board investing in sales and marketing teams, customer success teams and especially, development teams. We have 50 developers now."
Jeff Horing, managing director at Insight Venture Partners, will join the company’s Board of Directors.
Bynder Isn't Slowing Down
Bynder, which also offers a digital asset management (DAM) solution, has grown considerably. At the beginning of last year, it had 50 employees. Now it has 210 — and Hall told CMSWire he expects that number to climb to 300 by the end of the year.
"Our growth hasn't slowed down," he said. "We've doubled our head count each year."
Company officials called the funding a milestone for branding automation — a category that revolves around helping marketers create, find and use digital content without administrative hurdles. Too many marketers, Hall said, manage content rather than align their daily tactics to business strategy.
"This new category of MarTech will be a game-changer for any brand," Hall said.
The name Bynder stemmed from the fact that the solution is like a binder, Hall told us last year.
"Whenever I had to describe the solution, I would say, 'Think of it like a binder,'" Hall said. "Bynder was not only a claimable name, but best described what Bynder is and does."
Bynder offers a customized online portal to help marketing departments and their agencies collaborate in order to create, design, share and approve collateral, as well as reshape graphics and videos. In addition, Bynder’s solution is a host for intellectual property.
"We're really solving a problem that every brand is experiencing," Hall said.
"And that's managing their brand and assets consistently across multiple digital channels and doing that at a global level. It's a huge amount of work for brands that have thousands and even millions of assets to manage. If they don't have a branding automation solution, their marketing department is wasting time on administrative tasks and sorting out that mess. We're freeing up marketers to do what they enjoy doing which is creating stuff while the administrative stuff we can automate."
Asked about technology highlights under the Bynder hood, Hall called his platform the only pure-play Software-as-a-Service (SaaS) player. It's powered by Amazon Web Services and is a fully-scalable solution that can "do things you can't do on-premises."
"Leveraging Amazon has really helped us to be the leader in cloud-solutions performance," Hall said, "especially for large, global brands."
"Bynder is a clear innovator in the branding automation market,” Horing said in a statement. “We share their vision for comprehensive brand management technology that enables teams to seamlessly communicate as they create content. We are pleased to partner with Bynder’s executive leadership team in this new phase of growth."