Appature has been undergoing what CEO Kabir Shahani describes as a “pretty dramatic growth curve” in the past year, growing monthly recurring revenues more than 12X since raising its last round of funding. Now, the Seattle maker of online marketing software is putting a little more fuel in the tank.
Existing investors Madrona Venture Group and Ignition Partners have committed an additional $6.1 million to the 5-year-old company. Total funding now stands at $9.6 million.
“We have been able to stay very lean and capital efficient as we grow, and over the past quarter we have been able to attract enterprise deals and scaled the number of customers pretty significantly,” Shahani said. “We’ve doubled our customer base in the last seven months alone, so we needed to really quickly scale up. We had great investors around the table, and it made sense to keep plowing ahead, and not get distracted with anything else.”
Appature’s cloud-based software is used by various healthcare companies to better track and enhance marketing campaigns. To date, the company has remained laser focused on the healthcare segment, but Shahani said they could expand into other industry segments with the new cash.
“We are getting a lot of excitement about our platform, and a lot of great feedback about our platform,” he said. “So, how we continue to go to market is something we are actively discussing.”
At its core, Shahani said the tool is designed to allow marketers to take action based on the data they are collecting. Appature employs 47 people, and with the new funding the company plans to hit 60 by the end of the year.