Act-On Closes $10 Million In Series C Funding; On Pace To Surpass 300-Customer Mark In Q2
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- Published in DemandGen Reports
Act-On Software, provider of cloud-based integrated marketing platforms, announced today that it has closed $10 Million Series C funding, led by Trinity Ventures. Existing venture partners Voyager Capital and U.S. Venture Partners, were part of the round, as well as participation from Stanford University.
The Beaverton, OR-based company has grown its staff by more than 200% since its first round of funding in November 2010, according to CEO Raghu Raghavan, and is on pace to exceed the 300-customer mark by the end of Q2 2011.
Raghavan said the company plans to allocate the funds primarily to the continued expansion of its marketing, global sales and service teams. Act-On recently opened its UK sales subsidiary in partnership with Pipedream Marketing. The new capital will also enable Act-On to further increase its product development and initiatives.
“We went from initial meetings to three term sheets in just over three weeks,” he said. “It was a very nice step up in valuation. [Industry insiders] are giving us credit for what we’ve done in the last five months because of our metrics.”
Act-On’s marketing platform is designed to accelerate the execution of multi-channel online marketing campaigns and also to automate critical marketing tasks by providing graphical analytics and reports in real-time. The solution is targeted at organizations with smaller sales teams. It integrates with applications including Webex and Salesforce.com.