iPROMOTEu Obtains New Capital To Fund Accelerated Growth
iPROMOTEu (PPAI 218870) has obtained new financing that will provide the Wayland, Massachusetts-headquartered distributor with growth capital that will allow it to accelerate investment in initiatives that will benefit its affiliate network. The company says that the additional capital will be used to enhance systems and technology, strengthen recruiting efforts, streamline internal operations and potentially fund acquisitions, and that nothing will change from an operational standpoint as a result of the financing.
Ross Silverstein, iPROMOTEu’s founder, will remain the distributor’s largest individual stockholder and will continue in his role as president and chief executive officer. All management personnel and staff will remain in their current positions at the company. iPROMOTEu notes that in connection with the financing, its senior management team now has a broader and more significant ownership interest in the company.
“Since its inception more than 18 years ago as a start-up company offering a unique, independent ‘affiliate’ distributor model, iPROMOTEu has grown into an industry powerhouse with a network of more than 650 independent distributor affiliates and a projected 2018 aggregate order volume in excess of $200 million,” says Silverstein. “Now, I want to propel iPROMOTEu to even greater growth and success, and I want our affiliates, suppliers, staff and all those who support us and work with us to benefit as a result.”