Invoca Raises $20 Million in Series C Funding Led by Accel Partners
Leading Inbound Call Marketing Automation Platform Has Annual Revenue Growth of Nearly 200 Percent Four Years in a Row
SANTA BARBARA, Calif., January 14, 2014-- Invoca, now the largest provider of cloud-based inbound call marketing technology, today announced it closed $20 million in Series C funding led by Accel Partners, with participation from previous investors Upfront Ventures and Rincon Venture Partners. The funding will be used to scale operations and further accelerate its annual revenue growth rate of nearly 200 percent.
Invoca was founded in 2008 and has become the standard solution for Fortune 1000 and Inc. 500 companies, including Liberty Mutual Insurance, OpenTable, Answer Financial and DirecTV. In 2013, more than $1 billion of transactions were completed over Invoca's platform. More than 3,000 marketers currently use Invoca's inbound call marketing software every week to generate better leads, higher conversion rates and thus more revenue.
"There are more than 30 billion inbound sales calls from customers to businesses in the US every year. And with the penetration of smart phones and the rapid growth of mobile search, that number will double over the next few years. The simple facts are that inbound phone calls drive much higher close rates and higher purchase values than closing on the Internet. The numbers tell the story," said Invoca CEO Jason Spievak. "Accel's track record of driving technology companies to the next level will help us make marketing automation and CRM complete."
Invoca's patented call marketing automation platform and analytics software provide the complete solution demanded by CMOs -- attribution and analytics, programmatic marketing automation, and integrations with leading marketing systems such as Salesforce, Kenshoo, Marketo, iCrossing, CAKE, Tealium, and HasOffers among others.
"Despite the fact that their highest-value leads arrive through phone calls, CMOs are routinely stymied by the call channel, assuming that it lacks the same measurement and optimization that other digital channels possess. Invoca is changing that mindset by offering the most effective solutions available to enterprise marketers in this channel," said Accel Partners' Kobie Fuller. "We believe that CMOs will increasingly drive quantitative ad spends through SaaS automation platforms, and phone calls are becoming a critical component in this effort. Invoca's management team has proven relevant past success from which they are uniquely positioned to build what we consider will be a category defining business."
"Accel's investment is a vote of confidence for the inbound call channel -- an underserved area of enterprise software where we project considerable growth as the age of smartphones marches forward," said Michael Boland, senior analyst and VP, Content BIA/Kelsey. "We're seeing clear hunger among companies in high value categories like insurance and high tech to better capture and track incoming, high-intent phone leads. Invoca is on top of these trends and should continue to lead the segment."
CMOs are aggressively pursuing marketing technologies that complete and automate the highest value marketing efforts, and for nearly every marketer, an inbound phone call is the highest value source of new business, and often the least transparent. Even though the inbound call channel is a more than $5 billion marketplace in the US today, until Invoca there were no SaaS solutions for inbound call marketing automation.
Kobie Fuller has joined Invoca's board of directors, which also includes Brett Queener (former Salesforce EVP and GM of Marketing Cloud), Josh Jacobs (Global CEO of Accuen and President of Platforms and Partnerships for Omnicom), Mark Suster (Managing Partner of Upfront Ventures) and John Greathouse (Partner of Rincon Venture Partners).
Invoca is the industry-leading provider of enterprise inbound call marketing solutions. The cloud-based platform delivers complete campaign management, clear attribution, practical analytics and mobile optimization tools in one easy-to-use solution, while seamlessly integrating with the solutions marketers already use. Invoca helps businesses to get better-qualified, higher-converting customers and optimize spend across online, offline and mobile marketing channels. Proven revenue-generating partnerships with leading Fortune 1000 and Inc. 500 brands make Invoca the industry-leading solution for enterprise inbound call marketing. Invoca was founded in 2008 by a team of technology executives who built their prior startup into a multi-hundred million-dollar public company. Invoca is backed by leading venture capital firms Accel Partners, Upfront Ventures and Rincon Venture Partners. For more information, please visit www.invoca.com.
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London, and Bangalore, as well as in China via its partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 successful technology companies, many of which have defined their categories, including 99designs, Actuate, AdMob, Agile Software, AirWatch, Alfresco, Angry Birds (Rovio), Atlassian, BBN, Bonobos, Braintree, Brightcove, Cloudera, ComScore, Diapers.com (Quidsi), Dropbox, Etsy, Facebook, Flipkart, Fusion-IO, Gameforge, GlamMedia, Groupon, HasOffers, Imperva, Infinera, Interwoven, IronPlanet, JBoss, Kayak, Lookout, Macromedia, metroPCS, MoPub, Myntra, Nimble Storage, Opower, OzForex, Polycom/PictureTel, Playfish, Portal Software, QlikTech, Quidsi, Real Networks, Redback, Responsys, Riverbed, Spotify, Squarespace, SuperCell, SunRun, Trulia, UUNet, Veritas, Walmart.com, Webroot, Wonga, XenSource and Zimbra.
For more information, please visit the Accel Partners web site at accel.com, or on Facebook at facebook.com/accel.
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