Act-On Software has announced that they have raised $16 million in new venture funding. Norwest Venture Partners is the lead investor in the round. Existing investors that participated in this round include Trinity Ventures, US Venture Partners and Voyager Capital.
Act-On has over 1,000 paying customers and they have grown over 300% in 2011. The company expects to hit triple digit growth again this year. They plan on using the funding to power product innovation and expand into new markets.
?We?re seeing a huge and sustained demand for our cloud-based marketing automation solution from small and mid-sized businesses ?the Fortune 5 million ? across all major industries,? stated Act-On founder and CEO Raghu Raghavan. ?This new investment will enable us to further increase our business momentum by expanding operations globally to meet this demand, and also to accelerate product innovation. The next wave of online marketing goes beyond marketing automation, and we plan to address the management of the entire customer lifecycle with a single, easy to use and integrated marketing platform.?
Act-On helps customers organize their online marketing efforts and generates high quality leads. Then the platform helps turn those leads into sales.