LONDON, UK. - November 16, 2011 - Marketo, the fastest-growing provider of Revenue Performance Management (RPM) technology, today announced it has secured $50 million in new venture financing. Battery Ventures led the round, with existing investors Institutional Venture Partners, InterWest Partners, Mayfield Fund and Storm Ventures also participating. In just five years since its founding, Marketo has delivered a proven business solution for any company looking to accelerate predictable revenue growth. Marketo will use the infusion of new capital to further its aggressive growth strategy.
"Because of our industry-leading growth in revenues and market share, Marketo had many options for capital. To stay focused on growth, our best choice was to secure private equity from a top-shelf firm, and I am very pleased to welcome Battery Ventures as an investor,' said Phil Fernandez, co-founder and CEO of Marketo. 'This new investment gives us a war chest in excess of $70 million. We plan to use these funds aggressively to expand our award-winning product suite, further extend our global reach and look beyond our four walls to complement our own innovation engine. This investment validates our vision - and success - in building a platform to dramatically speed the way any company can grow revenue.'
From Fortune 500 to small and mid-sized companies, Marketo's RPM technology drives businesses beyond traditional marketing automation and lead nurturing to optimize interactions with buyers across the entire revenue cycle and accelerate predictable revenue growth. The result is an incredibly more efficient way of doing business through a larger pipeline of better sales leads.
The entirety of the new $50 million investment is primary capital into the company. In total, Marketo has raised $107 million since it was founded in 2006. Also with this new round of financing, Neeraj Agrawal, Battery Ventures general partner, joins Marketo's board of directors.
'From the moment we first engaged with Phil and the team at Marketo it became clear that the company was powering a revenue revolution,' said Agrawal. 'We are bullish on the company's ability to execute, and believe they are destined to be a true winner.'
'When we first invested in Marketo a year ago, they made an aggressive commitment to double revenue, and they've delivered,' said Norm Fogelsong, general partner at Institutional Venture Partners, whose other investments include leaders like Kayak, Twitter and Zynga. 'Now we are doubling down on the future of this remarkable company and its ability to dramatically increase revenues for its customers.'
2011 is a benchmark year for Marketo. So far, the company has more than doubled its revenue, opened its EMEA headquarters in Dublin and launched Spark by Marketoâ„¢, an entirely new product solution specifically designed for the SMB sector. The company also released a study showing its vision to make a $2.5 trillion impact on its customer base over the next three years.
Fernandez adds, 'When we started the company, our vision was to be the very best at delivering products and thought leadership to help companies grow revenue faster than ever before, and the market response has been incredible. Based on publicly available data, we now know we are, in absolute terms, adding more customers and more revenues this year than anyone in the RPM market.'