Marketo Changing Marketing Automation Dynamics with Latest Round of Funding
After an impressive Series C round of funding late last month, Marketo has bolstered its position as a major player in the marketing automation industry. Venture capital firm Mayfield Fund made the significant investment, as they were impressed with Marketo’s recent customer success and revenue growth. Mayfield’s admiration comes as no surprise, as Marketo’s B2B on-demand lead generation application garnered them a 30% growth rate last November, when most companies were hard-pressed to hold on to existing clients.
Marketing automation is a fast-growing market, presenting a space that many companies are anxious to fill. As Vasan points out, many organizations use Google Analytics for tracking their site visitors, and use a more traditional CRM provider like Salesforce.com for customer management. Marketo bridges the gap between these two offerings, providing revenue-centered marketing and sales solutions for companies of all sizes, and offering a lead management application, as well as Sales Insight, a product helping sales representatives to prioritize leads and opportunities. Mayfield strongly believes they have the ability to change the market dynamics of the marketing automation.
Mayfield is a top VC firm in the Silicon Valley, managing over $2.8 billion, and they have successfully invested in companies like Atari, Genetech, and security software developer Webroot. A provision of the funding will place Mayfield’s managing director, Robin Vasan, on Marketo’s board of directors.
[Photo courtesy of the-faith.]