Marketo, a San Mateo, Caif.-based provider of lead management software, has raised $8 million in Series B funding. Storm Ventures led the round, and was joined by return backer InterWest Partners.
Marketo, the fastest-growing lead management software company in the industry, today announced it has secured $8 million in Series B funding. The round was led by Storm Ventures, with participation from existing investor InterWest Partners. The funding will allow Marketo to expand sales and marketing in North America and internationally, continue to fuel an active product pipeline that is setting the agenda for the lead management category, and invest in operations and services for customer success.
“We’ve done extensive market research to determine the best opportunities, and Marketo is clearly the hottest company in the hot and exponentially-growing marketing automation category,” said Tae Hea Nahm, founding general partner with Storm Ventures, who joins Marketo’s Board of Directors. “With its innovative on-demand solutions that help marketing and sales drive more revenue, Marketo is delivering real business value in a matter of days, and the overwhelmingly positive response they have received from customers and prospects is a sure sign they’re poised to be a leader in the next generation of business applications.”
Marketo has signed more than 60 customers in less than five months since its March 2008 launch, including companies such as Thomson Reuters, Trimble, and Acteva. The company’s demand generation solutions automate and measure lead management activities — including email marketing, lead nurturing, and lead scoring — to help marketing and sales generate and qualify sales leads, shorten sales cycles and demonstrate results. But unlike any other marketing automation vendor, Marketo has an insanely easy-to-use interface and an on-demand model that gets customers up and running in just one day, with no charges for set-up, integration or training. As a result, Marketo customers are seeing measurable improvements in their return on marketing spend as soon as one week after signing up.
“We have seen our business accelerate dramatically since our launch earlier this year, and it seems like the pace is picking up every day,” said Phil Fernandez, president and CEO of Marketo. “The marketing automation space is ready to explode because companies are realizing that aligning sales and marketing can have a powerful positive impact on customer acquisition, retention and revenue. With Storm’s involvement, as well as the continued support from InterWest, we’ll be able to take our vision and operations to the next level and continue to set the industry standard with the most innovative and easy-to-use marketing automation products available.”
“Marketo’s vision extends well beyond marketing software; it’s about driving growth by aligning companies around a single revenue cycle and providing fast, tangible business value. We’ve seen Marketo add customers and scale their business at an incredible rate while developing new products and features faster than any of their competitors. It’s obvious that the time is right for Marketo, and they are ready to break out as the dominant player in the marketing automation space,” said Bruce Cleveland, a partner with InterWest Partners and the former senior VP & GM of products and marketing for Siebel Systems.
Marketo (http://www.marketo.com) is the leading provider of sophisticated yet easy B2B marketing automation software that helps marketing and sales at large and mid-sized companies work together to drive revenue and improve marketing accountability. Marketo’s demand generation solutions automate and measure lead management activities — including email marketing, lead nurturing, and lead scoring — to help marketing and sales generate and qualify sales leads, shorten sales cycles and demonstrate results. Unlike traditional marketing automation solutions, Marketo is powerful yet easy to use without training and offers an on-demand model to get customers up and running quickly, with no charges for set-up or integration. Marketo’s Modern B2B Marketing blog (http://blog.marketo.com) and marketing best practices community are recognized as industry destinations for marketers to share ideas and help each other drive results. For more information on Marketo, visit http://www.marketo.com or call 650-655-4830.
About Storm Ventures
Storm Ventures was founded in 2000 by a seasoned group of industry veterans with the common vision of sharing our collective experience, passion and energy to help talented and driven entrepreneurs build great companies of enduring value. Storm Ventures focuses on seed and early stage information technology companies which best leverages the team’s operational perspective and experience and enables Storm to add value in the critical early stages of a company’s development. For more information on Storm Ventures, visit its website at http://www.stormventures.com.
About InterWest Partners
InterWest Partners (http://www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has raised more than $2.8 billion of capital since inception. InterWest has 14 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology.