NEW YORK Web promotions agency ePrize said it has closed a $32 million round of venture capital financing.
The investment, led by Detroit-area investors Brian Hermelin and Gary Shiffman, will be used by the Grand Rapids, Mich.-based agency to expand its services, further develop technology and possibly branch into offline promotions. Camelot Ventures, led by David Katzman and Dan Gilbert, top executives at Quicken Loans, also participated in the financing.
All four investors will join ePrize's board of directors, the company said. EPrize collected $11 million in two previous financings in 1999 and 2001.
EPrize creates online promotions for clients like American Express, Coca-Cola and General Motors. In the past year, it had doubled in size, growing to 160 people.
"Clients are seeing proven, measurable results," said Josh Linkner, CEO of ePrize. "Unlike the broadcast days of the past, advertisers are looking for things they can measure, and we can deliver that."