Marin Software Closes $13 Million Series C Financing
Round Led by DAG Ventures with Participation from New Investor Focus Ventures and Return Investors Benchmark Capital and Amicus Capital; Leading Paid Search Management Application Provider Has Raised $25 Million to Date on the Strength of its Customer Base, Growing Revenues, and Next-generation Technology Used to Manage the Complexity and Boost the Effectiveness of Large-scale Search Marketing Programs
San Francisco, CA (PRWEB) April 28, 2009
- Marin Software, provider of the leading enterprise-class paid search management application for advertisers and agencies, today announced a $13 million Series C financing led by DAG Ventures. New investor, Focus Ventures, as well as previous investors Benchmark Capital and Amicus Capital participated in the up round of funding. Marin has raised a total of $25 million to date.
- Economic realities combined with the growing strategic importance of paid search are causing businesses to demand a new approach to how they execute and scale their search marketing programs. Consequently, Marin Software is seeing accelerated demand for its solution as marketers look for ways to improve performance and efficiency of their paid search programs. Marin Software's customers include advertisers and agencies spending from $100,000 to millions per month on large paid search programs across Google, Yahoo, and MSN.
- Since the general launch of its flagship application, Marin Search Marketer®, in Q4 2007, Marin Software has enjoyed rapid customer adoption of its solution. More than 100 companies are now running on Marin Search Marketer to manage, analyze, and optimize large-scale SEM programs. Marin's growing roster of customers includes a wide range of brand name advertisers and agencies including Razorfish, one of the largest interactive agencies in the world.
- Together, these advertisers and agencies are managing over $300 million in annual paid search spend through Marin's application. The company recently expanded internationally opening a European headquarters in London.
- "We are pleased to welcome new investors DAG Ventures and Focus Ventures to our Series C funding along with returning investors Benchmark Capital and Amicus Capital," said Chris Lien, chief executive officer of Marin Software. "These new funds will accelerate our business growth across all areas of the company."
- "Occasionally we come across emerging companies that possess the 'perfect storm' of market opportunity and product offering," said Greg Williams, managing director, DAG Ventures. "Marin Software is such a company - having gained significant momentum in the marketplace for its cutting-edge technology and growing at a rapid clip even during this recession - and we're very pleased to be the lead investor in this C round of funding."
- "In today's new economy, customers are extremely price sensitive and purchase-shy, so marketers need to sharpen their game, using the most effective strategies to increase customer acquisition and retention," said Jim Boettcher, general partner, Focus Ventures. "As paid search has become, now more than ever, a strategic imperative for driving revenues, Marin Software is meeting a critical need in the marketplace and we expect it to play an important role in the growth of the industry."
- "Marin is in an enviable position having built a better mousetrap for the enterprise-class search marketing industry," said Bruce Dunlevie, general partner, Benchmark Capital. "The paid search market is large, rapidly growing and proving to be one of the few bright spots in a very challenging environment."
- "Startups like Marin Software give credibility to the discrete bid management market previously occupied by proprietary, black box tools," wrote Shar Van Boskirk, principal analyst of Forrester Research in the The Forrester Wave™: US Search Marketing Agencies, Q1 2009 report.
Recent Search Marketing Research:
- According to recent industry reports, the paid search market is one of the bright spots in the otherwise moribund interactive advertising industry. A January 2009 report from J.P.Morgan "Nothing But Net" states that U.S. marketers will spend $16.0 billion on paid search in 2009, up 9.9% from $14.5 billion in 2008. By 2011, that number is expected to reach $23.6 billion in the U.S. Globally, paid search is projected to reach $49.3 billion in 2011, up from a projected $33.2 billion in 2009, according to J.P.Morgan's report.
- A recent study from JupiterResearch, commissioned by Marin Software, found that 92% of large search marketers would increase their paid search advertising spend an average of 22% if major technology and management impediments were resolved.
About Marin Software
Marin Software provides an enterprise-class paid search management application for advertisers and agencies. Marin Software's "No Black Box" methodology offers serious search marketers unprecedented control and transparency over their SEM programs. Marin Search Marketer®, which is designed for those who are spending at least $100,000 monthly on paid search, addresses the workflow, analysis, and optimization needs of large-scale advertisers and agencies, saving time and improving financial performance. Marin's has more than 100 clients, including Razorfish (Nasdaq: MSFT), ZipRealty (Nasdaq: ZIPR), and Trouvé Media. Marin's clients manage over $300 million of annualized paid search spend. In October 2008, Marin won ClickZ's 2008 Marketing Excellence Award for Best Search Management Application. Marin is backed by Amicus Capital, Benchmark Capital, DAG Ventures and Focus Ventures.