The Chicago-based company ActiveCampaign announced raising a Series B funding worth $100 million. The company said that the funding would be utilized toward building new technology and expanding internationally. Susquehanna Growth Equity led the funding along with other firms participating, namely, PE Silversmith Capital Partners.
Marketing tools and sales automation algorithms are changing business scenarios across the world. The tools leverage data and advanced technology to define different types of customer segments and interact with each of them. The sales and automation tech market is all set to generate a revenue close to $6.6 billion in revenue by 2025. Currently, everyone out there is following a unique approach to their specific audience, exploring unique opportunities with sales and marketing.
ActiveCampaign is focused on multiple tools to develop a significant communication channel between consumer and business, ranging from an email marketing tool to a machine learning tool for all the data. The company not only focuses on larger businesses but even provides a customized solution for small and medium scale businesses.
ActiveCampaign has had recurring revenue growth of about 6x since 2016 to $90 million, with employees booming from 95 to more than 550. Jason VandeBoom, Founder and CEO of ActiveCampaign, said that the company is following the core proposition for building some digital marketing and sales tools. The company is currently trying to develop its own category among products that provide an end-to-end marketing and sales channel.
Organizations today need tools to reach the audience or even to stay connected. Every investment should be perceived with a single goal: will it aid the businesses to get one step closer to their audience and what do they want. The customer pull time has reduced significantly over the last decade, so automation will give businesses a chance to get the right message across at the right time.