Avenue Z Network Takes Aim at Becoming a Digital Communication Unicorn by Acquiring Bevel

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on July 6, 2023

Bevel, a renowned communications consultancy for tech and venture capital, announced its acquisition by the digital behemoth Avenue Z Network. Sources familiar with the matter confirmed that the deal pegged Bevel at a $75M valuation, marking a historic event in the entrepreneurial journey of Bevel’s Founder, Jessica Schaefer.

The statistics paint a stark picture of the landscape for female entrepreneurs: less than 1% of women build a company with revenues upwards of $1M annually, less than 3% start a company and complete a sale, and only half of the businesses started by women make it past five years. But as Bevel steps into its 6th year, the acquisition places Schaefer in the enviable position of being among the top .05% of female entrepreneurs.

The company’s performance added another feather to its cap, with Bevel securing 40% year-on-year growth despite the economic strain, even during Covid. The success brought courting from multiple competitors and private equity funds, but it was eventually acquired by Avenue Z, backed by the private equity fund, Baleon.

So why is Avenue Z so eager to acquire Bevel? One reason is that it sees a lucrative opportunity to employ the company’s successful playbook in the Asian and European markets, potentially offsetting the U.S. economy’s influence.

Along with the acquisition came a fresh injection of growth capital, and Bevel has ambitious plans to scale up its workforce and expand its suite of services to include SEO, growth marketing, and video and influencer programs. It is also looking to establish a global footprint with new offices.

The acquisition by Avenue Z, founded by the digital visionary Jeffrey Herzog, is aimed at building the first strategic communications unicorn, melding the spheres of public relations and digital marketing under a shared ethos of growth. Herzog, with a remarkable track record as the founder of iCrossing, acquired by Hearst Media in 2010 for $450M, envisions an integrated narrative across platforms where influential storytelling, digital media, and data coalesce to drive brand visibility, stakeholder engagement, and deliver measured ROI.

Looking towards the future, Schaefer will join the board of The Avenue Z, contributing to the company’s vision of creating an integrated narrative through public relations, social branding, paid media, and content marketing to connect with key stakeholders. With a rich portfolio of clients, including Acorns, Better.com, BlockTower Capital, and Clocktower Technology Ventures, among others, as well as a strategic approach to communications consulting, Bevel’s acquisition heralds an exciting era for the evolution of the digital communications landscape.

This acquisition sets the stage for the next phase in digital communications and marketing, strengthening the collaboration between the two companies and paving the way for an integrated and influential future. In the words of Jessica Schaefer, the capital, experience, and team that Herzog brings will make their growth “unstoppable.”

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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