Silicon Valley VC Altos Ventures joins current investor iNovia Capital to lead financing round; additional participation from Illuminate Ventures, Beehive Holdings and other current investors
Vancouver, BC, CANADA – June 5, 2014 – Allocadia, the leader in Marketing Performance Management cloud software, today announced the closing of $7 million in Series A financing. The round was co-led by Altos Ventures and iNovia Capital, with additional participation from Illuminate Ventures, current investor Beehive Holdings, and technology industry veterans Don Mattrick and Norm Francis. Allocadia will use the funds to fuel future growth in the multi-billion dollar enterprise CMO marketing cloud technology market, investing in sales, marketing, and product innovation. Anthony Lee, Partner at Altos Ventures and Kevin Swan, Partner at iNovia Capital will join the Allocadia board.
“In today’s data-driven marketing world, CMOs are demanding insight into their marketing performance. Allocadia is leading this emerging market in the same way the now ubiquitous marketing automation companies did a few years ago. We are excited to be a part of the next phase of the success story,” says Lee. “Altos has a number of marketing software companies in our portfolio. We know and love the space. We are incredibly impressed with Allocadia’s commitment to their customers as they’ve grown to become a global player with more than 100 enterprise customers and thousands of users worldwide.”
“As an early investor, I have witnessed first hand Allocadia’s growth, from a bootstrapped company to an established leader in marketing performance management. The company is led by a world-class leadership team and we are excited to partner with them for this next phase of growth,” says Swan. “The marketing technology landscape has changed, and the talk today is not just about managing leads, and is instead focused on driving revenue. Allocadia is at the forefront of this evolution with transformational technology that speaks to CMOs.”
Allocadia is a leading provider of marketing performance management cloud software that helps global enterprises better manage and analyze their marketing planning and budgeting, to become more revenue-driven. Altos Ventures and Illuminate Ventures bring unique expertise and background in financing rapid growth B2B marketing cloud software organizations with a portfolio that includes such market-defining companies as DemandBase, Influitive and BrightEdge.
“Today’s CMOs are looking for an answer to the very real business pains of marketing planning, budgeting and analytics. More than 100 enterprise customers worldwide have chosen Allocadia as their solution to improve marketing performance,” says Kristine Steuart, Co-founder and CEO of Allocadia. “The time is now to scale and expand so we can continue to deliver more value and innovation to our growing customer base.”
Allocadia Marketing Performance Management is planning, budgeting and analysis software built for revenue-driven marketing teams. Allocadia replaces antiquated and cumbersome spreadsheet budgeting and planning processes with powerful cloud software built for CMO’s and global marketing teams. Allocadia connects to leading customer relationship management, finance, social media, resource management, and marketing automation systems to provide complete visibility into marketing performance. Allocadia has more than 100 global customers including Juniper Networks, StepStone, Trimble and VMware, and partners including Marketo, Oracle and salesforce.com. Follow Allocadia on Twitter at @allocadia.
About Altos Ventures
Altos is a venture capital fund focused on investing in founder-led software, mobile and Internet companies. For over a dozen years, entrepreneurs around the world have trusted the Altos team to provide pragmatic and patient guidance to scale their businesses. Altos typically provides a company’s first institutional capital and has helped founders grow their companies to billions of dollars in aggregate revenue and successful exits in U.S. and global markets. Learn more about how we take a different approach to venture at www.altosventures.com.
About iNovia Capital
iNovia Capital partners with exceptional entrepreneurs to build successful technology companies in high-growth sectors. The team is comprised of founders, builders and engineers that are passionate about growing market-leading technology companies. Known for a people-first approach to investing and portfolio management, iNovia has $275M under management across three seed and early-stage funds. iNovia’s investment focus lies in Digital Media, SaaS and Communications. Investments include: AppDirect, Beyond the Rack, Chango, Collective, Lightspeed, Luxury Retreats and Top Hat. For more information, visit www.inovia.vc or @inovia on Twitter.
About Illuminate Ventures
Illuminate Ventures is led by a team of experienced investors with significant prior entrepreneurial track records. As an early investor, our goal is to enable the vision of great entrepreneurs. We focus on enterprise cloud and mobile computing solutions that deliver improved business performance, but don’t rely on “pattern recognition” or following the herd. We seek innovative business ideas led by talented founding teams with diverse perspectives that allow them to marry creative destruction with new technologies – solving old problems in new ways. Illuminate benefits from a world-class Business Advisory Council of 40+ successful high-tech founders, corporate executives and industry veterans who work closely with our portfolio companies. Learn more about our portfolio and perspective at www.illuminate.com and follow us @IlluminateVC.
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