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Manta Secures $44 Million Equity Investment From Norwest Venture PartnersLargest Online Small Business Community Experiences Record Growth and Increased Demand for Solutions That Help Small Businesses Sell More (April 03, 2012)
COLUMBUS, OH -- (Marketwire) -- 04/03/12 -- Manta, the largest online community dedicated entirely to small business, announced today that it has received a $44 million minority equity investment from Norwest Venture Partners (NVP), a leading global investment firm.
Manta has built the leading online community that more than 89 million small business owners are leveraging to improve their online presence, gain increased visibility with customers and prospects and ultimately increase sales. Manta enables small business owners to create, manage and share their online identities, promote their companies, products and services, build and engage with an extensive network and access shared knowledge and insights. The company recently announced major enhancements to its platform that help small businesses build their referral network through recommendations and social connections tools. These tools are optimized for mobile, creating a unique first-time view into the relationships and connections these businesses have with Manta members.
"Manta provides a one-of-a-kind online community for small businesses and the company's remarkable growth speaks to the clear demand for its unique value proposition," said Jon Kossow, general partner, NVP. "Manta is the de facto platform for small businesses to connect with customers and each other, as evidenced by the company's more than 25 million unique monthly visitors and over 3,000 business owners joining the community daily."
"Our investment in Manta is in line with NVP's strategy to invest in profitable, rapidly growing business leaders," said David Su, vice president, NVP. "The $40B+ addressable market in which Manta plays is immense, and the company continues to grow rapidly as small businesses look to expand their online presence."
"Our investors share Manta's commitment to helping small businesses grow, and NVP's support will allow us to stay focused on delivering the most powerful online community for these businesses," said Pamela Springer, CEO of Manta. "Eighty percent of U.S. businesses have fewer than nine employees and we will continue executing our vision for meeting the unique needs of this important market."
With this investment, NVP's Jon Kossow and David Su have joined Manta's board of directors. The board includes directors from existing shareholders, Athenian Venture Partners and Reservoir Venture Partners, who have supported Manta in its growth to date and will continue their support going forward.
"We have worked closely with Manta's management to grow the company since our initial investment in 2000, and its performance has exceeded all expectations," said Karl Elderkin, managing partner, Athenian Venture Partners, which will continue to retain a significant stake in the company. "Manta's focused vision and brilliant execution is impressive, and we're excited that an Ohio-based company is leading the charge in this sector. Bringing on NVP is yet another proof point of the company's dominance in the online SMB community."
Manta helps small businesses profit, connect and grow through the largest online community dedicated entirely to small business. Millions of people come to Manta each day to buy from, partner with and connect to companies. By joining Manta, small businesses easily harness the power of the Internet. Get visible; grow your business for free at www.manta.com.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded over 500 companies since inception. For more information visit: www.nvp.com.
About Athenian Venture Partners
Athenian Venture Partners identifies and cultivates intellectual capital in two of the most dynamic market segments: Information Technology and Healthcare. The Athenian team takes a thoughtful approach to investing, doing the rational work upfront with accountability to both its investors and its portfolio companies. With a presence in California, Massachusetts and Ohio, Athenian Venture Partners spans the most interesting technology and healthcare communities to create new investment opportunities others may miss and deliver proven results for the long term.
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