Today we’re extremely excited to announce we have raised $8M in a Series A led by CRV! We’re tremendously grateful for the support from the early customers, investors and partners that made this possible.
We’ve raised the round opportunistically, to accelerate our mission of empowering modern, data-driven marketers with intuitive and powerful tools. Our dedication to building the best product possible with stellar customer service delivered transformational results in 2015. Over the past year, we grew recurring revenue by more than 10x, our customer base by 8x, and were cash-flow positive in Q4. We’re now powering email and mobile messaging for customers that range from fast growing startups to public companies, reaching many hundreds of millions of users in aggregate.
We started almost 3 years ago, driven by the desire to combine cutting edge growth technologies and strategies into a single marketer-friendly platform. We’ve made tremendous progress on building the foundational technologies for segmentation, automation and campaign management for email, push and SMS. In 2016, we’ll continue to add channels that deliver the highest engagement and value to our customers. Furthermore, we’ll help you implement workflows like the leaders featured in our User Engagement Teardowns with minimal effort, making you look like a superhero marketer.
To make our plans a reality, our team is growing quickly across engineering, customer success, marketing and sales. See our open positions and let us know if you are interested. We’re gearing up to make 2016 another great year and hope you can join us on the ride as an employee, customer or a fan.
I’ve pasted our full Series A press release below.
Iterable Raises $8M to Accelerate Growth Marketing and User Engagement Momentum
CRV leads round following 10x revenue growth in 2015
San Francisco, CA — January 21, 2016 — Iterable, the growth marketing and user engagement platform, today announced it has closed a Series A round of funding led by CRV (Charles River Ventures) with participation from past investors. With this investment Iterable will further accelerate the very strong momentum achieved in 2015, having grown its customer base by over 800% and its recurring revenue by 1080%. In addition, Iterable achieved cash flow breakeven in the fourth quarter.
“Iterable achieved very important milestones in 2015, including becoming the best-in-class platform for enterprise B2C marketers,” said Justin Zhu, co-founder and CEO of Iterable. “We’re executing our mission: empowering tech-savvy growth marketers with a platform to effectively grow, engage and retain large consumer audiences across all channels.”
Iterable lets marketers quickly segment hundreds of millions of users, personalize messages, build sophisticated behavioral workflows and A/B test any aspect of a campaign. The Iterable all-in-one platform then delivers messages seamlessly across all channels, including email, mobile push notifications, SMS, web and social.
“One of the biggest challenges for B2C companies today is building and engaging large consumer bases across multiple channels. With their experience at Twitter, Google and other tech giants, the team at Iterable has a unique understanding of the architecture, design and future direction of web-scale growth marketing,” said Murat Bicer, General Partner at CRV. “The metrics Iterable achieved over the last year are extremely impressive and are accelerating. They’re becoming a proven marketing automation platform for the enterprise.”
With the new funds Iterable will accelerate its rapid growth, extend the functionality of its platform and grow its team in order to serve enterprise customers across major B2C verticals.
Iterable is a growth marketing and user engagement platform. Iterable empowers tech-savvy growth marketers with a platform to segment their users at scale, customize messages, build sophisticated workflows and do A/B testing, executing campaigns seamlessly across email, mobile push notifications, SMS, web and social. By using Iterable, marketers are able to send the right message, to the right device, at the right time.
The Iterable team has experience from technology and marketing leaders like Twitter, Google, Microsoft, Return Path and Sendgrid. The company was founded in 2013 and was a member of the Spring 2013 class of the AngelPad accelerator. Iterable is based in San Francisco, CA, and is funded by CRV, Merus Capital, 645 Ventures and other institutional and individual investors. For more information visit www.iterable.com.
Founded in 1970, CRV (formerly Charles River Ventures) has been a leading investor in early-stage technology companies for more than forty years. CRV’s partners, all of whom are experienced entrepreneurs and operators, are focused on helping to build world-changing companies that create tremendous value. CRV has recently led early investments in some of the biggest consumer and enterprise tech companies including Twitter, Yammer, Zendesk, and more. CRV has offices in Cambridge, Mass. and Menlo Park, Calif. For more information visit www.crv.com.