The 14-year-old company felt the downdraft when COVID-19 hit, reducing staff and cutting salaries. But business came roaring back. The past two quarters have been Mediafly’s best, said President John Evarts. The company restored salaries and expects to add 30 people to its staff of 100 this quarter.
It helps that Mediafly’s customer base is heavy on tech and consumer products, two sectors that have done well during the coronavirus pandemic.
“Selling is now all virtual, so you’re using content to differentiate yourself because you can’t go see people on the shop floor or take them out for dinner, so interactive content becomes more important,” Evarts said.
Last year, Mediafly acquired Presentify, a visual-technology company in the U.K. that makes tools for annotating PowerPoints and building animated videos, for an undisclosed price.
Evarts declined to say how much total capital Mediafly has raised. When it pulled in $10 million about three years ago, the company said it has raised about $22 million. The latest round was led by existing investor Boathouse Capital.
It’s another example of venture capital and private-equity firms adding more money to portfolio companies that are performing well. Throughout the downturn, investment funds, which still have capital to deploy, have been doubling down on their best performers while keeping a close eye on exit opportunities in a frothy market for mergers and acquisitions and IPOs.