Coremetrics Inc., a San Mateo, Calif.-based provider of digital marketing optimization solutions, has raised $60 million in Series E funding. 3i Group led the round, and was joined by return backers Accel Partners, FTVentures and Highland Capital Partners. It had previously raised $114 million since late 1999.
Coremetrics (http://www.coremetrics.com/), the leading provider of digital marketing optimization solutions, today announced that it has secured $60 million in Series E financing. The round was led by 3i (http://www.3i.com/), a global investment fund, headquartered in London, with offices in Silicon Valley. Existing investors Accel Partners, FTVentures and Highland Capital Partners also participated in the round. Coremetrics will leverage the additional capital to build upon sales growth and accelerate marketing initiatives.
“This new round of funding will enable us to significantly enhance our already strong historical performance,” said Joe Davis, CEO of Coremetrics. “There is an unlimited market opportunity for us as more online businesses see the advantage of using our marketing optimization platform to grow their companies. With current sales win rates approaching 70 percent, we see a tremendous opportunity to accelerate growth by leveraging our existing product leadership position with increased marketing investment and quota carrying sales force.”
“3i understands the digital marketing space well and Coremetrics’ strong industry position provides an excellent opportunity to join a market leader as an investor and strategic advisor,” said Al Yau, Director of 3i. “We are excited to be part of their continued success by leveraging our broad international network to accelerate growth, especially in Europe and Asia.”
“We are as bullish on the company’s prospects today as we were when we funded their first round and are excited to be part of the next phase of Coremetrics’ growth,” said Dan Nova, General Partner at Highland Capital Partners.
Over the last year, Coremetrics has experienced a surge in demand for its digital marketing optimization solutions, earning industry recognition and a bevy of new clients, as well as bringing new and innovative solutions to market. Within that time, Coremetrics has dramatically increased its customer base by 46 percent, diversified into new market sectors and maintained its leadership position in online retail. Part of this increased growth is a result of Coremetrics displacing competitors at an increasing rate. Recent customer wins include: Aeropostale (http://www.aeropostale.com/), Diageo (http://www.diageo.com/), DietTV (http://www.diettv.com/), Ecommera Ltd. (http://www.ecommera.com/), K-Swiss (http://www.kswiss.com/), Powered, Inc. (http://www.powered.com/), Publishers Clearing House (http://www.pch.com/), Robbins Bros. (http://www.robbinsbros.com/) and Shane Co. (http://www.shaneco.com/).
Coremetrics is the leading provider of digital marketing optimization solutions. Its solutions generate high return on online marketing investment and continue to pay daily dividends in improved marketing performance. Over 1,000 online business sites, transacting over $15 billion this year, are now using Coremetrics’ Software as a Service (SaaS) solution to optimize online marketing efforts. Coremetrics’ solutions encompass advanced online analytics and precision marketing applications, including search engine bid management, email marketing and cross sell applications to acquire customers more cost effectively, increase conversion rates, and increase lifetime customer value. Coremetrics solutions are fully integrated into IBM’s WebSphere Commerce platform. Competitors include Omniture and Webtrends. The company is privately held with funding from 3i, Accel Partners, FTVentures, and Highland Capital Partners and is headquartered in San Mateo, California. To learn more about Coremetrics, visit http://www.coremetrics.com/ or call 877-721-CORE.
Coremetrics has strongly supported online privacy since its inception. To learn more, visit http://www.coremetrics.com/privacy.
3i is a world leader in private equity and venture capital. It focuses on Buyouts, Growth Capital, Venture Capital, Infrastructure and Quoted Private Equity (“QPE”) and invests across Europe, the United States and Asia. Its competitive advantage comes from its international network and the strength and breadth of its business relationships. These underpin the value that it delivers to the portfolio and to shareholders. 3i is a highly successful private equity investor in technology with investments in world leading technology businesses including: CSR (Bluetooth chipsets, UK IPO), Focus Media (media advertising, China, IPO), Se Loger (online real estate, France IPO), Interhyp (online mortgage broker, Germany, IPO), ScreenTonic (mobile advertising, France, sold to Microsoft), BlueLithium (online advertising, US, sold to Yahoo!), Telecity (data centers, UK IPO) and Azzurri (telecoms, UK acquisition) amongst others. Current investments include: Demand Media (next generation media, US), Fastbooking (direct Internet hotel bookings, France), Sulake/Habbo Hotel (online teen community, Sweden) and DPhone (China’s market leading mobile retailer). http://www.3i.com/