Marketing automation vendor Act-On Software announced Wednesday that it secured $16 million in new venture financing. The Series D round of financing gives the Beaverton, OR based company a market valuation of approximately $150, according to news reports.
Norwest Venture Partners will lead the current funding round, with existing investors Trinity Ventures, U.S. Venture Partners and Voyager Capital also participating. Previous funding included a $10 million Series C round in June, 2011, and a prior $4 million round.
Act-On also announced that it currently serves over 1,000 paying customers and that the company had a growth rate during 2011 in excess of 300%. The company says it expects to see "a healthy triple digit growth rate again" during 2012, according to a press release.
“We’re seeing a huge and sustained demand for our cloud-based marketing automation solution from small and mid-sized businesses –the Fortune 5 million – across all major industries,” said Raghu Raghavan, Founder and CEO of Act-On. “This new investment will enable us to further increase our business momentum by expanding operations globally to meet this demand, and also to accelerate product innovation."
Added Raghavan: "The next wave of online marketing goes beyond marketing automation, and we plan to address the management of the entire customer lifecycle with a single, easy to use and integrated marketing platform.”