Their growing customer base speaks highly of the Balihoo solution and the Balihoo team is passionate about building a great company by making each of their customers successful. Their results and approach are well aligned with OpenView and we are proud to be an investor.
Boise, ID (PRWEB) August 27, 2009
Balihoo, the premier provider of Local Marketing Automation technology and services to franchises and national brands with local marketing needs, today announced it has secured $7 million in new funding. Led by OpenView Venture Partners, this investment will enable Balihoo to expand sales and marketing efforts as it continues to build its impressive roster of national clients.
"Balihoo offers national brands with local advertising a unique platform that enhances brand image nationally while creating demand locally," said Scott Maxwell, OpenView's Managing Partner and Senior Managing Director. "Their growing customer base speaks highly of the Balihoo solution and the Balihoo team is passionate about building a great company by making each of their customers successful. Their results and approach are well aligned with OpenView and we are proud to be an investor."
Balihoo's solution combines industry-leading technology, sophisticated local marketing strategy and world-class media execution to bring highly effective and brand-compliant local marketing to affiliates and franchisees of national brands. By making it easy to create, plan and implement local advertising campaigns, Balihoo reduces local marketing costs while at the same time improving local marketing effectiveness and return-on-investment
"OpenView stood out amongst all other potential capital providers primarily based on the value-added services they provide," said Pete Gombert, Balihoo's CEO. "Balihoo is growing quickly; we're coming off of four consecutive quarters of double-digit compound revenue growth and we were impressed with OpenView's history of helping software companies quickly and effectively scale to meet rising demand."
Gombert continued, "Since the launch of our LMA platform last year we have been experiencing massive customer demand. Brands are struggling to reach consumers in an efficient and effective manner, traditional techniques alone are not getting the job done and brands are turning to our platform as the next evolution in local marketing."
OpenView Venture Partners joins existing Balihoo investors Highway 12 Ventures and Lacuna Gap Capital, who together supplied the company's initial capital and also contributed to the funding
Balihoo (http://www.balihoo.com) is the premier provider of Local Marketing Automation technology and services to franchises and national brands with local marketing needs. Balihoo brings enterprise-class marketing to the local level and gives national brands full visibility into all local marketing activities and results.
Learn more about Balihoo and Local Marketing Automation by requesting the Local Marketing Automation white paper at http://www.balihoo.com/lma.
About OpenView Venture Partners (http://www.openviewpartners.com):
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives who collectively bring several decades of technology & management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up sales, marketing and product development functions to best practice levels. The firm was founded in 2006 by Scott Maxwell with an inaugural fund encompassing $100 million in committed capital. OpenView Venture Partners is based in Boston, and invests on a worldwide basis.