Will Scully-Power

Marketo raises another $25 million
November 17, 2010, 11:35 pm
Filed under: #mktgcloud, Datarati, Marketing Automation, Marketing Cloud | Tags:

Marketo, the global leader in Revenue Performance Management solutions that significantly increase customers’ marketing and sales success, today announced that it has secured additional funding to fuel its growth and leadership. Institutional Venture Partners (IVP) — which has also funded many of the best known digital brands such as Netflix, Twitter and Zynga — led the $25 million investment with participation from previous investors InterWest Partners, Storm Ventures, and Mayfield Fund.

The new funding will be used to further accelerate Marketo’s aggressive product, technology, and market development initiatives and continue to build upon its position as a leading provider of provenmarketing automationand sales effectiveness solutions. With more than 750 customers and the most complete product set in the industry, Marketo is already one of the fastest growing SaaS-based solution companies ever.

“We are thrilled to be partnering with a top-tier venture firm like IVP,” said Phil Fernandez, president and CEO, Marketo. “We have more customers, more and better products, and faster growth than anyone else in our category. Now, with this major investment from IVP – the venture firm known for picking the winners in their category – we also have the most resources at our disposal to invest in our growth and our customers’ success.”

In conjunction with the financing, IVP general partner Norm Fogelsong has joined the Marketo board of directors. “We are very pleased to welcome Marketo to IVP’s portfolio of exceptional technology and media companies,” said Fogelsong. “In just a few short years, Marketo has vaulted to its market-leading position by literally revolutionizing how companies manage their most important function: driving and optimizing revenues. With this investment, along with the insights and contacts that we can provide, IVP looks forward to helping Marketo accelerate its growth and industry leadership.”

More: http://blog.marketo.com/blog/2010/11/growing-a-great-saas-business.html

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