Morrisville’s Netservice secures $10M in financing

Netsertive, a digital advertising technology company based in Morrisville, announced Friday that it has closed on more than $10 million in new financing.

More than than $7 million of the money was debt financing obtained from Durham-based Square 1 Bank.

Netsertive plans to use the funds to invest in technology and personnel. The company was recently ranked No. 482 in Inc. magazine’s listed of the fastest growing private companies in the U.S.

The company’s revenue rose from $1.8 million in 2010 to $19.5 million last year, according to Inc. The company's technology manages localized digital advertising campaigns for businesses.

Its clients include La-Z-Boy, Electrolux, Frigidaire, Chrysler and Samsung.

Square 1 provides loans and other banking services to venture capital firms and the businesses they invest in. Last month the company provided financing to another Triangle company, Chapel Hill-based Heat Biologics, which secured $7.5 million in debt financing.

This story was originally published September 5, 2014 at 12:24 PM with the headline "Morrisville’s Netservice secures $10M in financing."