Roving Software Raises Round
The Needham, Mass., provider of e-mail marketing tools, banks $5 million in financing from Verisign and others for product development and market expansion.Roving Software, a Needham, Mass., provider of e-mail marketing tools, has raised $5 million in third-round financing for product development and market expansion.
Lead investor was VeriSign (NASDAQ:VRSN), the Mountain View, Calf., Web site registrar and security firm. Previous stakeholders Morgan Stanley Venture Partners, Commonwealth Capital Ventures and Longworth Venture Partners also participated.
The firm's flagship product, Constant Contact, includes HTML templates, list hosting and management, and reporting features. It is aimed at small and medium business (SMBs) that want to win business through opt-in e-mail communications.
"The VeriSign partnership and this round of funding is an endorsement of both e-mail marketing as one of the fundamental building blocks of success for SMBs, and Roving's Constant Contact as the leading self-service email marketing application in this space," said Gail Goodman, Roving's CEO.
In its first two financing rounds, privately held Roving raised more than $12.5 million. It's lastest windfall came in April 2000.