Act-On Software, a Portland-area startup that helps companies automate marketing campaigns, just scored $16 million in venture capital financing.
This latest round, led by Silicon Valley’s Norwest Venture Partners, doubles Act-On’s VC total to $32 million, The Oregonian reports. Trinity Ventures, US Venture Partners and Voyager Capital — all existing Act-On investors — also chipped in.
Act-On, based in Beaverton, Ore., landed its first round of financing in 2010 and has been growing fast: 300 percent last year, with more triple-digit growth expected this year, the company said in a news release. Act-On, which competes against Hubspot, Marketo and Madrona-backed Optify, will use the money to expand globally and speed up the development of new products. It received multiple term sheets from investors, signaling high-demand for the company.
“We’re seeing a huge and sustained demand for our cloud-based marketing automation solution from small and mid-sized businesses — the Fortune 5 million — across all major industries,” said Raghu Raghavan, the company’s founder and CEO.
Raab Associates Inc., a marketing technology and analysis firm, forecasts some serious revenue growth in business-to-business marketing automation systems: 60 percent this year to $525 million, Act-On said in its release.