Marketing Automator Act-On Banks $42 Million in VC Funding
Marketing automation software provider Act-On Software, which focuses on small and mid-market enterprises, revealed April 15 that it has landed $42 million in new venture financing.
Technology Crossover Ventures led the round with existing investors Norwest Venture Partners, Trinity Ventures, U.S. Venture Partners and Voyager Capital also participating.
Beaverton, Ore.-based Act-On will use the new capital to accelerate its business on all fronts, including new product development, sales expansion, and brand recognition. The company now has raised $74 million since it was founded in 2008.
Act-On's marketing automation software ties inbound, outbound, and lead-nurturing programs together across email, web, mobile and social media.
Marketing automation is one of the fastest growing categories in business software, increasing at a 60 percent clip annually in a market that is expected to reach $1.2 billion this year, according to Raab Associates Inc.
CEO Raghu Raghavan said that Act-on now has about 2,000 customers, "but there are at least 200,000 companies in North America alone that are in our sweet spot."
David Yuan, general partner at TCV, will join Act-On's board of directors. TCV also has funded ExactTarget in email marketing, Facebook in social media infrastructure and Splunk in big data management.