HubSpot grabs $12 Mn series B funding
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London: Internet marketing startup HubSpot has completed a $12 million Series B round of funding that company officials said they plan to use to boost sales and development of their application to convert website visitors into sales leads. Cambridge based HubSpot, which has grown to nearly 400 customers since it was founded in 2006, increased the total funding it has received to $17 million, said CEO Brian Halligan. "We're vesting for future growth," he said. Investors include Matrix Partners, which operates an office in Waltham, and Cambridge-based General Catalyst Partners. HubSpot develops a suite of online sales and marketing tools delivered via the Internet for small and midsize businesses. Last month, the company released a professional version of its product to enable customers to integrate it with Salesforce.com and generate closed-loop reporting. HubSpot initially targeted very small businesses, but shifted its focus six months ago to small and midsize businesses when it became apparent that its original targets don't have the personnel to analyze the metrics generated by HubSpot's tools, General Catalyst managing director Larry Bohn said.
Source: IANS
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