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Act-On raises $10 Million in Series C Funding
By siliconindia
Santa Clara: Act-On Software, provider of cloud-based integrated marketing platforms, has raised $10 Million in series C funding led by Trinity Ventures, with existing venture partners Voyager Capital and U.S. Venture Partners, as well as participation from Stanford University.
The company is headquartered in Beaverton, Oregon, and is privately held. It raised $4 million in series B funding, last November, in an investment led by U.S. Venture Partners and Voyager Capital. "WIth a head count of 40 employees, we have grown our staff by more than 200 percent since its first round of funding and is lined up to exceed the 300-customer mark by the end of year 2011, currently with 250 active customers managing over 25 million contacts," said Raghu Raghavan, CEO, Act-On.
Talking about the VCs interest in funding, Raghavan said, "We are operating in a huge market, atleast $4 billion per year, and the VCs foresee our tremendous SaaS metrics which enabled us to reach 300 cusotmers and very efficient inside sales model based on the WebEx model, which influenced them to invest in our company."
Act-On offers a platform that allows marketers to manage a variety of online marketing initiatives from a single, cloud-based system. "Any company that uses e-mail marketing in conjuction with website visitor tracking tools is an immediate prospect for us. We are then able to offer them many services, like online events, social media prospecting, automated programs, behavioral scoring, CRM synchronization, etc; at a price and on business terms that are very compelling," said Raghavan.
The fund will be used to increase product development, sales and marketing efforts and to expand internationally. They have recently opened a UK sales office in partnership with Pipedream Marketing to serve the European market.
The company is building out its executive team and enjoying terrific growth rates. With Cisco Systems, Progressive Insurance, Motorola and IBM in the portfolio, the company forecasts 300 percent revenue growth this year. Commenting on competition, he said, "The amazing fact is that in over 55 percent of our deals, there is no competition. We do run into Exact Target (an e-mail marketing company) and against Marketo, Eloqua and Pardot (marketing automation companies)."
