ExactTarget reports $30 million in new funding
Email marketing company ExactTarget reported $30 million in new investment capital on April 25. Technology Crossover Ventures, Battery Ventures, Scale Venture Partners and Greenspring Associates contributed the funding. All four firms had previously invested in ExactTarget.
Mitch Frazier, director of marketing strategy and communications at ExactTarget, said that the Indianapolis-based company will use the investment to expand its global presence and for acquisitions. Last year ExactTarget acquired social media management company CoTweet and Australian email marketing firm mPath Global.
“The additional capital will provide additional opportunity to really accelerate and be more aggressive about taking our products and services to markets around the world,” said Frazier. He declined to say which markets the company is targeting and would not offer a time frame for any expansion plans.
The company also reported that first quarter revenue increased 52% year-over-year. Frazier declined to offer specific revenue numbers for the quarter. Given its status as a privately held company, ExactTarget is not required to disclose its financial information. In February, ExactTarget reported $134 million in total revenues for 2010, a 41% annual increase, the company said.
ExactTarget filed for an $86.25 million initial public offering in late 2007 but withdrew from the process in 2009. Asked if the company still has plans to go public, Frazier said “it’s clearly an option that we could pursue but right now we’re really happy with the flexibility and the agility that we have as a private company, and we’ll continue to evaluate opportunities that become available.”
ExactTarget said in March that it has received over $140 million in venture capital since 2009. Frazier confirmed that ExactTarget has received more than $170 million in venture capital “over the past 24 months” but declined to offer specifics or confirm reports that estimate the company’s venture funding at $188 million. The 10-year-old company received its first round of outside funding in 2004 with a $10.5 million investment from Insight Venture Partners.
ExactTarget’s clients include Best Buy, Home Depot and Papa John’s.