Indianapolis-based PERQ has closed a $6 million Series A round of funding to expand its artificial intelligence-driven marketing cloud for big retailers. The funding is exclusively from Midwest tech leaders, including Poplar Ventures L.P. in Louisville. Andy Medley, co-founder and chief executive officer of PERQ, tells Inside INdiana Business the funding will also support and grow its staff.
Other investors and groups joining the round include Elevate Ventures, Allos Ventures, Collina Ventures and 4G Ventures. Medley says the company was fortunate to have the funding come solely from Midwest investors.
"I think, first and foremost, it’s a cultural thing," said Medley. "Culture’s a big thing for us at PERQ and we really focus on that because if you’ve got a good team and you’re treating them right and they have a place that they enjoy working, then hopefully the outcome is happy customers and more customers. We were pretty diligent in the beginning making sure that we picked a board that fit that culture. If you’ve spent your career and now you’re a board member on PERQ, having lived and operated inside the Midwest, understood the complexities of what that meant with dealing outside of it, then that’s a pretty great resource for the company to have as we continue to grow."
The new funding round follows a $5.5 million Series Seed round last year, led by Elevate Ventures and nine other Indianapolis-based investors. The firm says its AI-powered digital marketing software has increased sales for over 1,000 businesses in several sectors, including automotive and multifamily and home furnishings.
Medley says the company was fortunate to have the funding come solely from Midwest investors.