Bizible raises $8.1M to fuel growth of platform that analyzes investment on marketing spend – GeekWire
Bizible is adding some fuel to its fire.
The Seattle startup, which helps marketers manage and plan for revenue, today announced a $8.1 million round from Scale Venture Partners, Madrona Venture Group, and Square 1 Bank, all of which previously invested in the company.
Bizible hasn’t raised money since 2013, when it reeled in a $8 million round a year after it launched. Revenue is growing and an investment round isn’t totally necessary, said Bizible CEO Aaron Bird. But it’s time to invest in more sales and marketing horsepower.
“We saw an opportunity to grow a little faster,” Bird told GeekWire.
Bird said the company, which serves 300 customers, now has 50 percent market share in the marketing attribution space. Bizible also said it ended last quarter with more customers than all other marketing performance management solutions combined.
The company’s products help customers like ZenDesk, Act-On, Outreach, and others tie together their marketing spend, both online and offline, with sales performance.
This past April, Bizible launched a new revenue planning product that uses machine learning to crunch historical data and better predict specific “what if” scenarios — like increasing marketing spend for outbound calling, or reducing event sponsorship budgets, for example. It’s particularly valuable for B2B marketers who deal with longer sales cycles and need to forecast for several months out to the future.
“It’s going to be a huge product,” Bird said.
Bird said Bizible’s secret sauce lies in the data it provides to customers that helps measure marketing spend and attribution more effectively. He said focusing so much on data stems from the founders’ previous careers in advertising technology.
“In the end, the best data is going to win,” Bird noted, adding that “the insights are only as good as the data.”
Bizible has doubled its headcount this year and employs 97 people. It plans to reach 120 employees by 2018. The company also recently hired Brewster Stanislaw, who previously co-founded Inside Social, as its vice president of product and strategy. Total funding to date is $18.6 million.
“Bizible is one of our most exciting investments, because of their leadership position in the marketing performance management category,” Madrona Venture Group’s Len Jordan, who serves on the board of Bizible, said in a statement. He went on to say “I’m truly excited for the company’s future in showing CMOs and marketing teams how they are driving revenue and growth.”