NetProspex announced yesterday it received $7 million in Series B funding, led by information technology investment firm Edison Ventures, which had already invested $8.8million in the company over the course of two rounds.
NetProspex reported it will use the funds to increase sales, accelerate channel partner integrations and support innovative product development.
“This investment supports aggressive expansion toward category leadership in cloud-based data services,” said Gary Halliwell, NetProspex CEO. “Bad data costs marketers significant missed revenue opportunity and costs hundreds of dollars per record to fix. Chief marketing officers need to get a grip on data hygiene, which is at the heart of what we’re doing. We are thrilled to have the power of Edison’s network and operational insight as we continue to grow and address these issues.”
Keeping customer and new prospect data up-to-date and accurate is a universal problem for B2B marketers. Contact data degrades at a rate 2% each month, according to research conducted by Netprospex. The company is focused on helping companies drive efficient customer acquisition by partnering with B2B marketers to deliver targeted, on-demand prospect lists, data cleansing and profiling analytics that uncover insight from data and optimize lead generation results. Netprospex solutions also integrate with marketing automation and CRM systems.
The latest investment marks the latest milestone in a period of notable momentum for NetProspex. The company has doubled in headcount, database size and revenue each year since 2006, according to a company press release. In recent months, NetProspex introduced CleneProspex to meet rising demand from clients for an enhanced data cleansing solution. The company also introduced its Data Cloud API, with partners including j2 GlobalR, Inflection, VoodooVox, and Visistat. Netprospex also was recently named one of the region’s Best Places to Work by the Boston Business Journal, and earned CODiE Awards for both Best Lead Generation Solution and Best Solution Integrating Content into Workflow by the SIIA.
“NetProspex is leading the industry with the most accurate business contact and company data in the cloud,” said Edison Principal and investment leader Ryan Ziegler, in a press release. “The company allows marketers to analyze, verify, fix, append and grow prospects and customer data, which is really the lifeblood of any campaign.”