Infusionsoft Banks $54M for Small Biz CRM
Goldman Sachs leads an investment round in the small business CRM specialist Infusionsoft.
Sales and marketing software provider Infusionsoft announced today that it had completed a round of financing worth $54 million amid a period of rapid growth for the company. Goldman Sachs led the funding round, with backing from Arthur Ventures. Infusionsoft has attracted $71 million in financing to date.
According to Infusionsoft, it captured 40 million new leads for small businesses in 2012. The company's shopping cart technology processed $1.5 billion in sales.
Last year, over three billion emails crossed the company's email marketing platform, with a 99.5 percent deliverability rate. Over the years, Infusionsoft has been making improvements to its email marketing offerings, adding features such as advanced authoring, importing and template options.
Infusionsoft claims that its user base stretches across 70 countries, totaling an estimated 12,000 small business customers and 44,000 users.
The Chandler, Ariz.-based customer relationship management (CRM) software specialist will use the funds to keep the momentum going. That means not only maintaining its focus on small businesses, but ramping up its own marketing efforts and expanding its partner ecosystem, according to Infusionsoft CEO Clate Mask.
"We'll put this investment to good use, fueling our product development, accelerating marketing and sales, and growing our partner and education programs in the U.S. and internationally. This ultimately means we will reach more small businesses around the globe and enable them to succeed with our all-in-one sales and marketing software, services and education," wrote Mask in a company blog post.
Infusionsoft's claim to fame is its automated small business CRM and email marketing platform, which targets fledgling firms with little in the way of IT resources.
In keeping with its small business focus – its customers have two to 25 employees, generally -- the company's CRM and email tools are accessible via a single, Web-based application. In recent years, the company has also expanded into e-commerce solutions for small businesses.
All told, it adds up to an attractive and potentially lucrative market for Goldman Sachs.
"We believe Infusionsoft is the market leader in delivering an all-in-one sales and marketing software solution for true small businesses. Infusionsoft is a proven partner in working with small businesses and Goldman Sachs is pleased to be an investor in this highly innovative and unique company in the software as a service industry," stated Raheel Zia, managing director for Goldman Sachs Group, in a company statement.