Marketo Secures $25 Million in New Financing to Help Customers Drive Revenue Growth
In this still challenging post recessionary environment, CEOs continue to be urgently focused on growth. As the leading Revenue Performance Management company, Marketo is laser focused on helping its customers become the revenue growth champions of the 21st Century. Today I share the exciting news that Marketo has received $25M in venture funding, led by Institutional Venture Partners. We are honored to be in the company of other IVP portfolio companies such as Netflix, Twitter and Zynga.
In this video, I introduce the revenue performance imperative and discuss how the funding will allow us to help our customers achieve that goal. For additional insights on what the funding means for us as a company and industry, see my post on Marketo’s company and industry Growing a Great SaaS Company.
Fundamentally, Marketo is all about helping our customers grow to put top-line growth on the board. You know, if you think about it over the last couple of years, all the growth in corporate earnings, all the news has been about cost-cutting, has been about shrinking , has been about taking costs out of the business as people have coped with our economic times. But we’re really at a phase in the marketplace today where every company—big and small—is thinking about one thing, which is how do they achieve growth, and that’s what we do for our customers at Marketo, is help them grow.
This week I’m tremendously excited to announce that Marketo has secured an additional $25 million worth of venture capital funding to help us accelerate our own growth as a business. You know, Marketo is on fire. We’ve been growing faster than almost any other SaaS company ever, as we have tripled our revenues in the last year, as we’ve exceeded now more than 750 customers and as we continue to take our message of growth to an ever-growing customer base around the world. So I’m thrilled to be able to put some additional cash in the bank to help us continue to make the investments we need to achieve all of our promise in the business and, to that end, I’m delighted to announce that Institutional Venture Partners, often known as IVP, has led the investment of this new round of financing. IVP is a great firm to be partnering with. Some of their recent investments include Netflix, Twitter and Zynga, so we really love the crowd we’re keeping with IVP coming on board with Marketo. Norm Fogelsong, one of the partners at IVP, will join our board and help us provide the guidance and advice and counsel we need to continue to be everything that we can be at Marketo.
You know, this is a phenomenal set of riches we have for Marketo. In addition to the $25 million we’ve announced today, we raised $10 million earlier this year. In effect we haven’t spent a penny of that money. So we have a war chest of more than $37 million now that we will invest over the next couple of years to drive our own growth, success and leadership in this market.
We’ll do a number of things with these additional funds that we have, really across all of our key initiatives for success. You know, Marketo, I think of us as having three key components to our recipe for this growth. Number one, we’re innovators. We’re about thinking the boldest thoughts in this market, really articulating where the market is going. It’s the first company that really started to talk about how this is all about revenue, this is all about revenue performance, this is all about growth. We’re really charting the course for an industry, charting the course for our customers about how they can drive top-line growth. We will continue to invest in that thought leadership and continue to take the ball forward in this market.
Second, we’re technology innovators. We’ve built the most innovative, the most capable, the most usable, the most adaptable product in the marketplace, and we now have three products in market that both help our customers do marketing, help our customers take the benefits of the product to the front line of their sales professionals, and help analyze and understand and predict where they’re going. We will continue to use these funds to invest in our product line, to invent new products, to innovate the products we have and carry that ball forward.
And finally, most important in the business is customer success. Nothing is more important to us at Marketo than making our own customers successful. And the thing that I like most about these additional funds is it really lets us invest in education and customer support and account management and professional services and expertise and all the things that our customers need to make the most of their investment in Marketo and to really get value and ultimately grow their own businesses by taking advantage of everything we have to offer here at Marketo.