BEAVERTON, Ore.--(BUSINESS WIRE)--First graph, first sentence of release should read: Act-On Software, provider of one of the industry’s most popular and fastest growing cloud-based integrated marketing platforms, today announced it has closed $10 million in Series C funding with Trinity Ventures, along with the participation of its current investors US Venture Partners, Voyager Capital, and Cisco Ventures (sted Act-On Software, provider of one of the industry’s most popular and fastest growing cloud-based integrated marketing platforms, today announced it has closed $10 million in Series C funding with Trinity Ventures).
The corrected release reads:
ACT-ON CLOSES $10M SERIES C FINANCING
Trinity Ventures Funds Industry’s Fastest Growing Marketing Automation Platform
Financing to Support Global Sales and Service Expansion and Product Development
Act-On Software, provider of one of the industry’s most popular and fastest growing cloud-based integrated marketing platforms, today announced it has closed $10 million in Series C funding with Trinity Ventures, along with the participation of its current investors US Venture Partners, Voyager Capital, and Cisco Ventures. Act-On has now raised a total of $14 million in 6 months.
Act-On is already predicting close to 300% growth in 2011 based on Q1 2011 revenue, and will use the funding to build out marketing as well as global sales and service teams in response to its growing global customer base. The company recently opened its UK sales arm in partnership with Pipedream Marketing to service the European market.
The company will also use the funding to augment product development and initiatives beyond existing capabilities. Act-On enhances its platform by “crowdsourcing” suggestions from its customer base and implementing enhancements in two-week cycles vs. the industry norm of semi-annual update releases. Delivering a constantly improving platform means customers can continually maximize their own marketing effectiveness and return-on-investment.
“Act-On’s Integrated Marketing Platform is an idea whose time has clearly come,” said Raghu Raghavan, Founder and CEO of Act-On Software. “While this market has been in existence for over 10 years, it is only now beginning to gain traction, and Act-On is at the forefront of this trend. Act-On’s highly intuitive user interface, Instant-On™ database, and easy-to-use marketing applications, are accelerating the adoption of marketing automation technologies without the burden of dedicated IT support, complex process re-engineering, and cumbersome database maintenance. With the additional funding from Trinity, we’ll be able to bring Act-On to many more users faster and truly participate in defining the requirements of this high-growth market as it goes mainstream.”
Forrester Research has forecasted a total market size of $4 billion for Marketing Software including email, marketing automation, and other online marketing tools and services.
“Today’s marketing professionals crave a single, unified platform to manage the online marketing initiatives they use to drive their business forward,” said Karan Mehandru, Principal, Trinity Ventures. “Act-On’s integrated marketing solution is positioned perfectly to serve that need. Rarely does a company have all the ingredients for success: momentum built on a loyal customer base, an explosive market that is highly receptive and a team that competes to win. Trinity Ventures is proud to fuel the next phase of growth for Act-On.”
“Act-On enables us to convey a professional corporate image that makes us appear much bigger than we actually are, at a low dollar spend,” reports Kari Seas, SwiftKnowledge Vice President of Marketing, a web-based business intelligence software company for the banking industry.
The Act-On Integrated Marketing Platform was designed for the unique needs of the “Fortune 5 Million” which covers SMBs and small marketing departments within large organizations. It provides a full menu of automated marketing tools, integrates with the most widely used applications including Webex and Salesforce.com, and is very cost-effective. Act-On currently has over 250 active customers spanning all industries and manages over 25 million contacts.
About Act-On Software:
Act-On Software’s cloud-based, integrated marketing platform is rapidly becoming the foundation for successful business growth strategies for organizations of all sizes.
Act-On’s rapid implementation and highly intuitive user interface accelerate the execution of multi-channel online marketing campaigns by automating critical marketing tasks, and by providing rich graphical analytics and reports in real-time. With Act-On, marketing and sales professionals get unprecedented agility to quantify and adjust their marketing strategies and tactics in real-time, in order to maximize their effectiveness and to ensure positive outcomes.
The Act-On team has over a decade of experience in building and running high-end e-mail marketing platforms, and has benefited from the feedback from over a thousand enterprise customers during that period. The result is Act-On’s third generation platform architecture with 10X the performance and 1/10th the cost, and that runs 24/7.
The company is headquartered in Beaverton, Oregon, and is privately held. It is backed by venture capital firms U.S. Venture Partners and Voyager Capital, as well as by Cisco.
About Trinity Ventures
Founded in 1986, Trinity Ventures, a boutique early stage venture capital firm, is dedicated to partnering with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1 billion under management, Trinity Ventures believes in personal engagement, mutual respect and goal alignment with the entrepreneurs. Trinity Ventures focuses on early stage and seed technology investments with particular emphasis on digital media, cloud computing, internet services, mobility, security and software markets.
Trinity Ventures has invested in such leading companies as Aruba Networks, 21Vianet, Blue Nile, LoopNet, Photobucket, SciQuest, Starbucks, Beachmint, Infoblox, Trion Worlds and Zulily.