Alloy, the premier agency specializing in precision storytelling and experiences for imaginative technology brands, announced that it has received a significant investment from Purpose Group, a private fund with the goal of investing in and acquiring purpose-driven services businesses. Both Atlanta-based, Alloy is Purpose Group’s second portfolio company.
“The investment from Purpose Group is more than just growth capital,” said Alloy CEO Raj Choudhury. “Because the fund’s investors include luminaries such as Pardot and Atlanta Ventures founder David Cummings and Salesloft co-founders Kyle Porter and Rob Forman, this new partnership also expands our agency’s resource network.”
Recently named one of Atlanta’s top 25 advertising and marketing agencies, Alloy is coming off a record 2023 in which the firm grew 103% YoY and acquired creative and technical agency Narwhal Digital. Purpose Group’s investment in Alloy will go directly to value creation – fueling the agency’s strong go-to-market and corporate growth strategies.
“In addition to having long-standing trust and respect for Raj and Alloy’s leadership team, the agency is an ideal portfolio company for us because of its purpose-driven culture and its unconventional agency model,” said Purpose Group’s founder Jeff Hilimire.
Alloy was founded in 2012 as a PR firm, quickly becoming one of the first to integrate demand generation into its offerings. More recently, Alloy added brand creative and digital experiences to its capabilities. As a result, today the agency’s solutions cover the full spectrum of marketing needs. This alignment across the entire business and user journey gives Alloy’s clients a leg up in their respective marketplaces.
“For over a decade, Alloy has been at the forefront of marketing innovation,” Purpose Group’s largest investor David Cummings said. “Like the brand name implies, the agency has melded together key elements – talent, solutions and technologies – to form an impressive unit. It’s this vision and tenacity that attracted us to Alloy and compelled us to want to partner in its future.”
“In some ways, this deal is full circle,” Hilimire continued. “In 1998, Raj and I started a web design firm, Spunlogic, from our college dorm room. After a successful exit, a decade later we founded digital marketing agency Engauge which went on to become the largest marketing agency in the Southeast and was acquired within five years by Publicis Groupe and merged with Moxie. Fast forward another 10 years, and I’m beyond excited to have the opportunity to reunite with my very first business partner again.”
SOURCE: GlobeNewswire