Our investment will help the company accelerate its growth and become the leader in online communications for the billions of small businesses and non-profits both in the U.S. and around the world.
Durham, NC (PRWEB) October 22, 2008
iContact, the leading provider of email marketing software for small and mid-sized businesses, today announced it has secured $5 million in debt funding from Portland, Maine-based venture capital firm, North Atlantic Capital.
The capital will be invested primarily in sales and marketing to accelerate customer acquisition and to expand the team to support iContact's already rapidly growing business. Earlier this year, iContact was named the fastest growing software company in North Carolina and 85th out of 500 nationally by Inc. Magazine.
"We're glad to partner with North Atlantic as we build iContact into the leading email marketing firm for small businesses, non-profits, and associations. It is a true testament to our team and our company that we have been able to secure this growth capital in such a challenging investor market," commented Ryan Allis, CEO of iContact. "Our strong team is delivering a vital product to our small and medium-sized business customers, allowing them to continue to reach their markets efficiently and effectively."
"iContact's best of breed product, superior marketing capability, excellent team and attractive customer economics have allowed iContact to become the fastest growing email marketing company," said David Coit, Managing Director of North Atlantic Capital. "Our investment will help the company accelerate its growth and become the leader in online communications for the billions of small businesses and non-profits both in the U.S. and around the world."
About North Atlantic Capital
Since its founding in 1986, North Atlantic Capital has invested in 65 companies, with a current focus on technology enabled business service companies such as iContact. In 2007, North Atlantic Capital launched its fourth venture fund, bringing total capital under management to over $200 million. Today, North Atlantic Capital leverages both its professional network and its research-based deal sourcing program to invest in some of the most visionary technology and service companies in the marketplace.
With more than 35,000 customers and 120 employees, iContact is the leading email marketing services for small businesses and non-profits. iContact allows for easy creation of email newsletters, RSS feeds, surveys, and Autoresponders. Market leaders like Bank of America, Ford, Vonage, Symantec, International Paper, LG Electronics, ReMax, United Colors of Benetton, and Centex Homes, use iContact to build stronger relationships with their customers and prospects at a fraction of the cost of traditional marketing methods. iContact, designed for the SMB market and iContact Enterprise, designed for mid-sized to large organizations, are both available at http://www.icontact.com.
For media inquiries, contact Chuck Hester, APR, Communications Director, chuck @ icontact.com or (919) 459- 1451.