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Silverpop Snares $25 Million In New Funding To Fuel Growth
Email and behavioral marketing technology provider, Silverpop, has raised $25 million in new funding, led by Escalate Capital Partners and Silicon Valley Bank.
The company says it will use the money to fuel continued growth for its marketing automation services. The funding is venture debt, possibly signalling an IPO or acquisition is on the horizon. The company has now raised a total of more than $50 million since launching in 1999. We’re told that Silverpop also opted for venture debt to avoid diluting equity.
Silverpop CEO Bill Nussey said in the release,
“In 2012, we dramatically stepped up our investment in sales and marketing and drove record-setting growth. This new funding allows us to invest even more aggressively in 2013 and beyond, giving an ever wider set of marketers access to our game-changing solution.”
Silverpop has evolved beyond its email marketing software origins and now focuses on behavioral marketing automation solutions that include email, mobile and social. The company has a wide range of partnerships with CRM, Web analtyics, ecommerce and mobile technology providers including Salesforce, Adobe, Bazaarvoice, Coremetrics and Pontiflex.
The company says a third of its 380 new customers last year came to Silverpop for its marketing automation solutions and 60 percent came on board for its behavioral marketing capabilities. According to the company, Silverpop revenues grew 40 percent in 2012 from the previous year, and it now claims over 1,800 B2B and B2C customers representing 5,000 brands.