SAN FRANCISCO, CA--(Marketwired - Aug 12, 2013) - InsideView, the leader in CRM Intelligence™, today announced that it has secured $19 million in financing led by Split Rock Partners, with participation from the company's existing investors, Emergence Capital, Foundation Capital, and Rembrandt Venture Partners. The investment will be utilized to accelerate research and development, market expansion, and increase adoption of the company's CRM Intelligence Platform by B2B enterprises. Used by nearly 13,000 companies and over 350,000 marketing, sales and account management professionals, InsideView provides the data, insights and connections that help organizations find more leads, win more deals, and grow accounts.
"This investment further validates the market opportunity for CRM Intelligence and provides us with the capital required to accelerate our market leadership in the space," said Umberto Milletti, CEO of InsideView. "We received tremendous interest from investors who realize CRM Intelligence is required to drive results at every stage of the buying lifecycle -- from the first marketing touch, through the sales process and through the account management and growth stage. The addition of Split Rock to our team brings additional cloud-based software expertise, and a long-term perspective. We welcome Jim to our board, and look forward to his contribution."
The InsideView CRM Intelligence Platform delivers fresh, validated company and contact data, prospect and company insights and professional connections to sales and marketing, within existing workflows and CRM or marketing automation systems. InsideView offers three applications built on the platform: InsideView for Marketing™, InsideView for Sales™, and InsideView for Account Management™. InsideView is integrated with all major CRM platforms and leading marketing automation solutions. InsideView joins many fast-growing companies in the Split Rock Software and Internet Services portfolio. These companies share characteristics including a focus on advanced technology solutions for today's B2B enterprises and strong business models that produce high gross margins, recurring revenue streams, and efficient methods of customer acquisition. This practice focuses on investments in fast growing cloud and Internet services companies whose target markets have the potential to exceed $1 billion.
Jim Simons, Split Rock Managing Director commented: "We are pleased to welcome InsideView to the Split Rock portfolio of innovative B2B cloud companies. InsideView has demonstrated a unique understanding of the marketing and sales process and how CRM can be improved to support it. The rapid growth of its customer base indicates a tremendous appetite for InsideView solutions, and our due diligence conversations with InsideView customers revealed a clear impact on revenue and productivity, to a degree we rarely, if ever, see."
The CRM market leads all enterprise software categories, and is projected to grow to a $36 billion market by 2017, according to Gartner Research*. Earlier this year, CSO Insights found that 63% of sales reps' time is spent in non-sales activities such as research. Worse, only about 60% make quota. Most marketing and sales departments report poor CRM adoption**. InsideView unlocks the power of these CRM investments and provides the critical intelligence these professionals need to effectively build pipeline and grow revenue. "This investment allows us to rapidly deliver critical new capabilities and CRM integrations that will help our customers achieve greater marketing and sales performance," continued Milletti. "As CRM adoption grows, InsideView will continue to provide advanced functionality that makes CRM investments pay off for B2B enterprises."
InsideView provides CRM Intelligence™ to drive marketing, sales and account management results. We help you find better leads, win more deals and maintain and grow customers. InsideView provides the data, insights, and connections that make every prospect and customer conversation more relevant, valuable and productive. InsideView® is used by more than 350,000 sales and marketing professionals, and in over 13,000 market-leading companies including Adobe, Hub International, Franklin Covey, Rosetta Stone, and SuccessFactors. InsideView is headquartered in San Francisco, California. Follow @InsideView on Twitter or the InsideView Blog. For more information, visit www.insideview.com.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage Technology-Enabled Services companies. Its mission is to invest in emerging leaders unleashing the power of Technology-Enabled Services to empower business users and organizations around the globe. Emergence's partners have funded and helped build more than 50 TES companies, more than any other venture firm. Emergence Capital has $575 million under management. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Yammer, Lithium, YouSendIt, Box, and Veeva Systems. More information on Emergence's third fund can be found at http://www.emcap.com/
About Foundation Capital
At Foundation Capital, we're dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. We helped Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. We're currently invested in more than 80 high-growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology including BoardVantage, Chegg, Coverity, Lending Club, MobileIron, Simply Hired, Sunrun, TubeMogul and Venafi. Foundation Capital's eighteen initial public offerings include Envestnet, Financial Engines, Netflix, NetZero, Responsys and Silver Spring Networks. For more information, please visit www.foundationcapital.com.
About Rembrandt Venture Partners
Rembrandt Venture Partners (RVP) was established in 2004 to provide private equity capital to early stage technology companies. We focus our investments on a variety of sectors including Internet infrastructure, application software delivered as a service, communications, mobile products and services. www.rembrandtvc.com
About Split Rock Partners
Split Rock Partners, with offices in Minneapolis and Menlo Park, seeks emerging opportunities in software, Internet services and healthcare. Since 2005, Split Rock has raised $575 million over two funds. Split Rock supports leading teams with flexible capital spanning both primary and secondary investments. Representative companies backed by Split Rock's team include 8thBridge, Ardian, Atritech, BlueKai, Code42, Compete, eBureau, Entellus, Evalve, HireRight, Histogenics, Holaira, Intacct, Janrain, LowerMyBills, MyNewPlace, QuinStreet (NASDAQ: QNST), RF Surgical, SPS Commerce (NASDAQ: SPSC) and Tornier (NASDAQ: TRNX). Additional information about the firm can be found at www.splitrock.com
All brands mentioned in this press release are the sole property of their registered owners.
- Gartner Group, as reported in Forbes Magazine, June 18, 2013
- CSO Insights, 2013