ExactTarget Closes $30M In Financing; Posts 52% Growth in Q1
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- Published in DemandGen Reports
ExactTarget, a provider of interactive marketing solutions, announced today it closed $30 million in venture financing to fund key acquisitions, enter new global markets, expand its operations across North America, Europe and Asia Pacific and further accelerate its technology. The round of financing was led by Technology Crossover Ventures (TCV) with participation from existing investors, including Battery Ventures, Scale Venture Partners and Greenspring Associates. The company also it continued record performance in the first quarter, increasing revenue 52% year over year.
“The continued commitment of our investors validates our strategy of aggressive growth and innovation to provide marketers with powerful, intuitive technology to connect with their customers in real time across email, mobile, social media and the web,” said Scott Dorsey, Chairman and CEO, ExactTarget. “ExactTarget is the fastest growing marketing software as a service company, and this new capital allows us to further accelerate our momentum and scale our operations to serve clients around the globe."
Named one of the most promising venture-backed companies in America by the Wall Street Journal in March, ExactTarget posted its 41st consecutive quarter of revenue growth in the first quarter.
“Our business is to help great management teams build large and important franchises in the technology industry, and ExactTarget exemplifies the innovation, strong business growth, and leadership we seek in our portfolio companies,” said Dave Yuan, General Partner at Technology Crossover Ventures. “We are excited to support the ExactTarget team as they build on their success to create the next great SaaS company and a category leader in interactive marketing.”
During Q1, ExactTarget entered the Japanese market through a strategic partnership with Tokyo-based NTT Communications. The partnership makes CoTweet, ExactTarget’s social media management application, available with a translated Japanese user interface that is sold and serviced through NTT Com’s Online Marketing Group.
ExactTarget also launched Audience Builder, an application designed to allow marketers to create refined target audiences and customer segments in real time through an intuitive drag and drop interface. The company expanded the Interactive Marketing Hub beta program to more than 500 clients worldwide.
In the past 24 months, ExactTarget has acquired three companies, launched an international division with operations in the UK and Australia and added more than 500 employees. The company posted annual revenue growth of 41% in 2010, finishing the year with $134 million in revenue.