Institutional Venture Partners (IVP), Premier Later-Stage VC Firm, Backs Marketo’s Drive To Accelerate Growth As Top Revenue Performance Management Company
San Mateo, CA – November 17, 2010 – Marketo, the global leader in Revenue Performance Management solutions that significantly increase customers’ marketing and sales success, today announced that it has secured additional funding to fuel its growth and leadership. Institutional Venture Partners (IVP) — which has also funded many of the best known digital brands such as Netflix, Twitter and Zynga — led the $25 million investment with participation from previous investors InterWest Partners, Storm Ventures, and Mayfield Fund.
The new funding will be used to further accelerate Marketo’s aggressive product, technology, and market development initiatives and continue to build upon its position as a leading provider of proven marketing automation and sales effectiveness solutions. With more than 750 customers and the most complete product set in the industry, Marketo is already one of the fastest growing SaaS-based solution companies ever.
“We are thrilled to be partnering with a top-tier venture firm like IVP,” said Phil Fernandez, president and CEO, Marketo. “We have more customers, more and better products, and faster growth than anyone else in our category. Now, with this major investment from IVP – the venture firm known for picking the winners in their category – we also have the most resources at our disposal to invest in our growth and our customers’ success.”
In conjunction with the financing, IVP general partner Norm Fogelsong has joined the Marketo board of directors. “We are very pleased to welcome Marketo to IVP’s portfolio of exceptional technology and media companies,” said Fogelsong. “In just a few short years, Marketo has vaulted to its market-leading position by literally revolutionizing how companies manage their most important function: driving and optimizing revenues. With this investment, along with the insights and contacts that we can provide, IVP looks forward to helping Marketo accelerate its growth and industry leadership.”
Marketo is the global leader in Revenue Performance Management. Marketo’s powerful yet easy-to-use marketing automation and sales effectiveness solutions transform how marketing and sales teams of all sizes work — and work together — to drive revenue performance and fuel business growth. The company’s proven technology, comprehensive services, and expert guidance are helping customers to turn marketing from a cost center to a business-building revenue driver.
Marketo has been recognized with the 2010 CODiE award for “Best Marketing Solution,” the “Best Sales and Marketing 2.0 Solution” from SellingPower, and the “Best Marketing Automation Application” by Salesforce customers on the Force.com AppExchange. As of October 2010, more than 750 enterprise and mid-market clients globally have adopted Marketo solutions. For more information, visit https://www.Marketo.com, or subscribe to Marketo’s award-winning blogs at https://blog.marketo.com/.
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing technology and digital media companies. Founded in 1980, IVP has invested in over 300 companies, 85 of which have gone public. IVP has a 30 year IRR of 43.2% and is one of the top performing firms in the industry. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (ARST), Aspect Communications (ASPT), At Road (ARDI), Business.com (RHD), Clarify (CLFY), ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), Form Factor (FORM), Foundry Networks (FDRY), HomeAway, Juniper Networks (JNPR), Kayak, LSI Corporation (LSI), Mobile 365 (SY), MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Quigo (TWX), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter, Websense (WBSN) and Zynga. For more information, visit https://www.ivp.com or follow IVP on Twitter: https://twitter.com/ivp.