Advisor-focused marketing technology company Snappy Kraken received $3.5 million in funding as part of a seed round of investment in its marketing automation platform, it said Tuesday.
The latest funding round was led by Marty Bicknell, co-founder of financial technology accelerator ScratchWorks and CEO-president of Mariner Wealth Advisors.
The new funding “will enable us to continue to expand our offerings and provide even more effective ways for advisors to build their online presence, deepen relationships with their clients, expand their reach and leverage their time,” Robert Sofia, Snappy Kraken CEO and co-founder, said in a statement.
“We are not seeking additional funding at this time,” he told ThinkAdvisor on Tuesday. But how long the company can get by on its current funding will depend on the company’s growth rate, he said, adding: “Between our sales velocity and this funding round, we are in a strong financial position.”
Asked if the company achieved profitability yet, he said: “Our primary goal at this time is to build the financial industry’s leading MarTech”— marketing technology — platform. But, “as we achieve this goal, we will simultaneously provide our shareholders with significant enterprise value,” he told ThinkAdvisor, noting his company now has 27 full-time employees.
The new funding round also included money from the Bicknell Family Holding Co. and Flyover Capital, Snappy Kraken said.