Underground Elephant Secures $7.5 Million in Financing from Pacific Mercantile Bank
SAN DIEGO (PRWEB) June 22, 2017 -- Underground Elephant, an online performance-based marketing company that drives high-efficiency sales growth for vertically oriented customer acquisition programs, 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.”
About Underground Elephant
Headquartered in Downtown San Diego, Underground Elephant is an award-winning marketing technology company that develops programmatic advertising platforms in order to bring transparency and efficiency to the buying and selling of structured lead generation media. The company's robust portfolio of enterprise-grade tech solutions enhances the connection between enterprises and their prospective clients by delivering highly efficient pathways to organic sales conversations. Learn more at http://undergroundelephant.com/
About Pacific Mercantile Bank
Pacific Mercantile Bank opened for business March 1, 1999. The Bank, which is FDIC insured and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking offices and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties (NASDAQ: PMBC). In addition, the Bank offers comprehensive online banking services accessible at http://www.pmbank.com.
Pacific Mercantile Bancorp (NASDAQ:PMBC) is the holding company of Pacific Mercantile Bank.
Pacific Mercantile Bank Contact:
Robert Anderson
EVP & Chief Banking Officer
714-438-2500
Philippa Ushio, KCD PR, http://www.kcdpr.com/, +1 619-308-6490, [email protected]
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