Durham, NC (Vocus) June 29, 2007
iContact, provider of the leading email marketing and blogging application, today announced it has secured $5.35 million in funding to increase its marketing and customer acquisition efforts. The funding round was led by Updata Partners with participation from North Carolina-based venture firm IDEA Fund Partners. The company recently changed the name of its service to iContact and its corporate name to iContact Corporation.
iContact will use the new funds to expand marketing initiatives, increase customer acquisition, and support product development efforts. The company currently employs 58 people in the Raleigh-Durham area and expects that number to grow to over 100 in the next 18 months.
iContact is the first application in the world to allow businesses to manage all their online communications in one central web application. iContact allows its 11,500 customers and over 90,000 users to easily create email newsletters, blogs, RSS feeds, surveys, and autoresponders.
Commensurate with the funding, Carter H. Griffin of Updata Partners, has joined the iContact Board of Directors.
"iContact is an established leader and innovator in areas where we see tremendous growth and opportunity, serving small-to-medium sized businesses with sophisticated, integrated online marketing solutions in an on-demand delivery platform," said Griffin. "We look forward to working with the dynamic team at iContact to rapidly scale the company."
"This funding will allow iContact to move to the next level," said Ryan Allis, CEO and Co-founder of iContact. "Our rockstar team has built an amazing company over the past four years. We have worked hard to bring the best email marketing, blogging, and RSS feed web application in the world to our customers. It is our mission to be the leading worldwide provider of on-demand software that makes online communication easy. With this capital infusion, we can move even more quickly."
Aaron Houghton, Chief Innovation Officer and Co-Founder of iContact added: "Our philosophy is to invest in innovative product development ahead of the market to ensure that iContact leads the world of online communication. With partners like Updata and IDEA Fund Partners, we will be able to solidify iContact's standing as the world's leading all-in-one online communications platform."
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, we seek investments where the combination of our financial backing and operating expertise will accelerate growth. With over $400 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, please visit http://www.updatapartners.com.
With more than 11,500 customers, iContact is the first on-demand application in the world to allow businesses to manage all their online communications in one central platform. iContact allows for easy creation of email newsletters, blogs, RSS feeds, surveys, and autoresponders. Market leaders like Bank of America, Ford, Intuit, 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, including free software reviews, contact Chuck Hester, APR, Director of Corporate Communications, chuck @ icontact.com or (919) 459-1451.
# # #