ExactTarget is All-A-Twitter

by || 03/03/2010

A start-up built entirely to benefit from the explosive popularity of Twitter has produced what appears to be a good exit for its venture backers. ExactTarget acquired CoTweet, which offers software to help businesses send and receive messages from multiple Twitter accounts. CoTweet raised just over $1 million from Baseline Ventures, Founders Fund, First Round Capital, SV Angel, Maples Investments and Freestyle Capital. These investors will get stock in ExactTarget, which, as we reported last month, is doing quite well on its way to becoming a publicly traded company. Of the deal, First Round Managing Partner Chris Fralic told VentureWire:

“I think this is a deal where everyone involved could look you in the eye and tell you it was the best outcome for all parties.” Meanwhile, CoTweet CEO Jesse Engle says, “We had exactly the right product at exactly the right time. We made some good guesses that Twitter would take off and businesses would embrace it.”…