Underground Elephant announced today that it has secured $7.5 million in financing from Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp. In addition to the financing, Underground Elephant utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
These services from Pacific Mercantile Bank will broaden the reach of Underground Elephant’s comprehensive marketing software platform and accelerate customer adoption of the company’s B2B and B2C products, spanning existing and emerging digital channels.
“Financing from an esteemed financial institution like Pacific Mercantile Bank allows us to accelerate our product development as well as our data management offerings. Importantly it also allows us to invest in our existing teams,” said Jason Kulpa, CEO of Underground Elephant. “We are laser focused on furthering the sustainable business model that we have developed, and the financing provided by Pacific Mercantile Bank is an important step in our growth as a company.”
Through Pacific Mercantile Bank, Underground Elephant will not only have the financing to support its growth but also a strategic partner. Pacific Mercantile Bank will help advise on banking solutions and finances, in addition to providing third-party counsel to the expanding company. Pacific Mercantile Bank intends to bring a knowledgeable, experienced financial perspective to support Underground Elephant’s long-term success.
“Underground Elephant is an innovative company and we’re pleased to support its continued growth and maturation,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “The market for strong and established adtech firms continues to be very attractive. We look forward to empowering Underground Elephant through our customized banking solutions and value-added consulting.”
Read the full press release at PRWeb here.