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Marketbright Raises Series A Funding and Expands BoardGreycroft Partners' Alan Patricof Leads Initial Round for Rapidly Growing On-Demand Marketing Automation Provider (August 12, 2008)
SAN BRUNO, CA -- (Marketwire) -- 08/12/08 -- Marketbright, a leading on-demand marketing automation platform, has closed a Series A round of funding, led by venture capital firms Greycroft Partners and Knight's Bridge Capital Partners. The round will be used to expand Marketbright's sales and marketing team and to fund product development efforts that broaden the company's reach.
Marketbright is currently used by a wide range of mid-tier companies, principally those in the $100mm to $1bn revenue range. Marketbright's solutions are integrated with leading CRM and web analytics offerings, integrating marketing initiatives with sales to establish a high-value marketing ROI.
"Marketing automation is one of the brightest, fastest growing segments in the on-demand software market," said Alan Patricof, founder and managing director of Greycroft Partners. "That, combined with Marketbright's impressive technology and strong customer traction, makes for a very promising opportunity." A venture capital visionary, Patricof has helped build numerous global companies, including America Online, Office Depot, Apple Computer, Cadence Systems, FORE Systems, and NTL.
"The Marketbright management team has a proven track record which we believe will help ensure Marketbright's ultimate success," said Kenny Finkelstein, CEO of Knight's Bridge. Mr. Finkelstein continued, "Since its inception, Knight's Bridge has been a very active investor in Internet businesses with investments in Limos.com, Buddy Media Inc, MyTrade.com and TubeMogul Inc. Marketbright is another investment that continues with this strategy through offering a superior and more cost-effective product than their competitors."
Marketbright also announced that Dr. Ronald Weissman will become Marketbright's Chairman and Howard Lindzon will join the Board of Directors. Weissman and Lindzon bring a wealth of technology, management, and startup experience to the Marketbright Board. "We are very pleased to have such a well-connected, successful team joining our board at this pivotal time in the company's growth," said Dom Lindars, CEO and Co-Founder of Marketbright.
Dr. Ronald Weissman, an investor in Marketbright, was most recently a Partner at Apax Partners, one of the world's leading private equity firms, where he focused on software and services. Prior to Apax, he spent twenty years in enterprise computing and was VP of Strategy and Corporate Marketing for Verity, which saw its market cap grow from $50mm to over $1.5bn during his tenure. He has extensive experience in the SaaS market, working with on-demand companies such as CenterBeam, Transera, and Host Analytics.
"On-demand marketing is attractive for organizations who want self-service management of their demand generation programs and an integrated marketing platform, without incurring lengthy software deployment, hardware costs, and ongoing maintenance," said Weissman. "Having already built an impressive customer base, Marketbright is well positioned for accelerated growth. I am pleased to be joining the Board at such an exciting time in Marketbright's evolution."
"Software as a Service (SaaS) is an explosive growth area," said Howard Lindzon, Managing Director of Knight's Bridge Capital Partners. "Marketbright has a seasoned team who have previously successfully developed a robust software platform to successfully streamline marketing operations for top B2B companies. Their lessons learned from running large enterprise campaigns are embedded in Marketbright's DNA, creating an industry leading offering. I am delighted to help them unlock the true potential of their latest offering."
Marketbright provides an on-demand marketing automation solution which allows companies to implement self-service campaign execution and demand generation, automate lead scoring and nurturing, and gain visibility into closed-loop campaign-to-cash metrics via real-time dashboards. The integrated marketing platform results in a full 360-degree view of customer interactions, and this information is used to route only valuable, qualified leads into the sales CRM. Marketbright's customers include Serena Software, VMware and Avid Technology. Marketbright is headquartered in San Bruno, CA. For more information, visit the company's Web site at www.marketbright.com.
About Greycroft Partners
Greycroft Partners is a venture capital partnership formed to invest in promising digital media companies, including both business and consumer-focused ventures. With offices in New York and Los Angeles, Greycroft leverages an extensive network of media and technology industry connections to help their portfolio companies gain visibility, build strategic relationships, and successfully bring their products to market. www.greycroftpartners.com
About Knight's Bridge Capital Partners
Knight's Bridge is a diversified financial services provider located in Toronto, Canada and Phoenix, Arizona. Knight's Bridge is focused and dedicated to building portfolio companies into market leaders and industry stars and looks to back passionate, experienced entrepreneurs. Knight's Bridge has always been able to see value where others cannot. Every opportunity is different and that is why we provide mentoring, guidance, strategic support and key contacts across diverse segments -- not just capital. www.kbcpartners.com
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