Oregon marketing automation firm Act-On lands $42M in funding for growth
Marketing automation firm Act-On has secured $42 million in its fifth financing with Technology Crossover Ventures (TCV) as the lead investor. Previous backers Norwest Partners, Trinity Ventures, Voyager Capital, and US Venture Partners also contributed to the round, according to VentureBeat.
Act-On chief executive officer (CEO) Raghu Raghavan explained his plans for the new capital: "How fast we can grow is really about how much money I have to hire salespeople. This is not a market where I have to fight competitors ... marketing automation is still a greenfield market with only five percent penetration."
Act-On helps companies handle personalized marketing campaigns via web, mobile, email, and social media. The firm mostly concentrates on customers outside the tech industry, the report explained.
As of now, the Beaverton, Oregon-based company has 2,200 clients in the middle-sized enterprise sector. But Raghavan said that number is increasing by 300 to 400 every quarter. Its number of clients in 2012 tripled in 2013, and grew more than twice in 2013. It is on its way to doubling its client base this year, VentureBeat reported.