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Coremetrics secures $60 million more in funding

By Andrew Redfern @ 4th April 2008 3:05 pm

Coremetrics today announced that it has secured $60 million in Series E financing. The round was led by 3i, a global investment fund, headquartered in London, with offices in Silicon Valley.

Existing investors Accel Partners, FTVentures and Highland Capital Partnersalso participated in the round. Coremetrics will leverage the additional capital to build upon sales growth and accelerate marketing initiatives.

“This new round of funding will enable us to significantly enhance our already strong historical performance,” said Joe Davis, CEO of Coremetrics.

“There is an unlimited market opportunity for us as more online businesses see the advantage of using our marketing optimisation platform to grow their companies.

With current sales win rates approaching 70 percent, we see a tremendous opportunity to accelerate growth by leveraging our existing product leadership position with increased marketing investment and quota carrying sales force.”

“3i understands the digital marketing space well and Coremetrics’ strong industry position provides an excellent opportunity to join a market leader as an investor and strategic advisor,” said Al Yau, Director of 3i.

“We are excited to be part of their continued success by leveraging our broad international network to accelerate growth, especially in Europe and Asia.”

“We are as bullish on the company’s prospects today as we were when we funded their first round and are excited to be part of the next phase of Coremetrics’ growth,” said Dan Nova, General Partner at Highland Capital Partners.

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