Marketing Evolution Announces $20.6 Million in Series B Funding
February 6, 2018
NEW YORK--(BUSINESS WIRE)--Marketing Evolution, leading provider of global AI-based marketing optimization and analytics software, today announced a $20.6 million Series B financing round led by leading global private equity and venture capital firm, Insight Venture Partners, with continued participation from existing investor, Zetta Venture Partners. This round brings the total invested to date to $24.6 million.
This new funding will be used for continued product innovation, further expansion of the company’s marketing and sales departments, and to support its growing global customer base. Jeff Horing, co-founder and managing director at Insight Venture Partners, will join Marketing Evolution’s Board of Directors.
“Marketers are hungry for a better solution to planning, investing resources, and optimizing marketing,” said Rex Briggs, founder and CEO of Marketing Evolution. “We are proud of the quality and diversity of customers using our software today including Allstate Insurance Company, Carfax, Inc, Collette Travel, Cox Business, Famous Footwear, Regions Bank, and Monarch Casino (Atlantis).”
The company is defining a new category for customer obsessed marketing by pioneering “Person-Centric Business Decisioning” that combines measurement, insights, optimization, and execution, using person-level data and analytics. It helps marketers make informed decisions about connecting with customers, adds transparency, removes friction, reduces costs, and increases ROI. This enables companies to fully unlock the power of customer relationships and use insights to make the overall business more effective, efficient, and profitable.
“Marketing Evolution’s Person-Centric Business Decisioning is driving a new category, providing companies with the ability to translate their customer data into actionable business choices and strategies,” said Jeff Horing, managing director at Insight Venture Partners. “Marketing Evolution leverages millions of data points from hundreds of sources using the most advanced algorithms to extract person-level insights. It’s clear the company will continue to capitalize on the opportunity to define a new category and accelerate its scaling through product innovation and growth.”
In a unique move, Marketing Evolution is giving employees the ability to directly participate in the value creation from Series A to Series B. “Usually only the Founders get the option to sell some of their stock to investors and benefit from the value creation, but our culture is that we are all in this together,” stated Founder and CEO Rex Briggs. “I wanted our team members to be able make some of their dreams a reality by creating liquidity for their vested shares. Of course, given our leadership in the industry and growth, there is a lot of value to holding onto the stock, which is what I’m personally doing.”
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Zetta Venture Partners
Founded in 2013, Zetta Venture Partners is the first early stage fund focused on AI for business - companies with both a technology and data advantage - and has $185 million under management. Current representative portfolio companies include Clearbit, Domo, Domino Data Lab, Focal Systems, InsideSales, Invenia, Teem, and Tractable. Past portfolio companies - bebop and Kaggle - were acquired by Google.
About Marketing Evolution
Marketing Evolution delivers better business results with an independent SaaS platform for measurement and optimization of the entire marketing mix. Gartner CEB describes Marketing Evolution as 'best practice' in their case study of Regions Bank's use of Marketing Evolution’s ROI Brain Software and Forrester puts Marketing Evolution in a class by themselves as a “Leader” in their most recent report, The Forrester Wave™: Marketing Measurement and Optimization Solutions, Q4 2016. Marketing Evolution was named a “Top 10 Global Innovation” by YPO, won the ‘Big Data Gold Medal’ from the Advertising the Advertising Research Foundation (ARF), won the European 2017 I-COM Attribution category, and are the 'partner of record' for the Mobile Marketing Association global ROI research. Visit http://www.marketingevolution.com and follow on twitter: @MktgEvolution.