Facebook ad buyer Spruce Media says it has secured a $15 million in "debt financing" from Square 1 Bank on the back of a $150 million billings run rate in Q3 2012. (In this case, "billings" are the client budgets that get spent on Facebook; Spruce's fees would be a fraction of that.)
That would make Spruce one of Facebook's largest ad buying clients. Spruce's advertiser clients include Procter & Gamble, Samsung and University of Phoenix. The company also serves agencies and trading desks.
Spruce has about 60 employees and "has maintained EBITDA profitability since 2010," the company tells us.
“We’re growing fast, and that usually puts you in the red,” said Rob Jewell, Founder and CEO of Spruce Media. “But sales have been way ahead of our expectations due to strong renewals and increased budgets from existing customers, and we’re seeing higher initial order sizes from new customers."
COO Lucy Jacobs told us she believes Spruce is well positioned because Facebook has yet another raft of new ad products coming down the pike. The social network has rolled out a sometimes bewildering array of new ways to advertise this year.
Spruce Media is based in San Francisco and has sales offices in Los Angeles, Dallas, Chicago, Minneapolis, Washington D.C., and New York.
Disclosure: The author owns Facebook stock.
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