Engagio Raises $22 Million in Series B Funding to Help Companies Target Named Accounts
Norwest Venture Partners, FirstMark Capital and Storm Ventures support the company for its visionary “Account Based Everything” approach to account-based marketing and sales prospecting
SAN MATEO, Calif. — August 9, 2016 — Engagio, a market pioneer defining the “Account Based Everything” model, announced today that it has raised $22 million in Series B funding led by Norwest Venture Partners, with participation from FirstMark Capital and Storm Ventures. The latest financing will be used to expand customer success, scale sales and marketing, and accelerate product innovation in the fast-growing Account Based Marketing (ABM) category.
Founded by CEO Jon Miller, who also co-founded the industry-leading marketing automation company Marketo, Engagio is building an “Account Based Everything” platform for B2B companies with a target account strategy. Its platform complements existing marketing automation platforms and Salesforce to provide a holistic, account-based view and orchestrate outbound interactions across sales and marketing. Unlike traditional marketing platforms that focus on leads that respond to campaigns, Engagio’s account-based platform allows companies to proactively reach out to land and expand the most valuable accounts. Traditional demand generation is “fishing with nets” while Engagio enables “fishing with spears”.
“The Engagio platform helps PROS engage target accounts, expand customer relationships, and deepen sales-and-marketing alignment,” said Patrick Schneidau, Chief Marketing Officer of revenue & profit optimization software provider PROS. “We have an account-based strategy, but, before Engagio, struggled to create a consolidated view across sales and marketing into all interactions within our target accounts. But now, Engagio aligns our activity so the entire go-to-market team can see exactly what is happening across each and every account.”
According to recent survey data, almost half of B2B marketers already utilize Account Based Marketing. Sixty-four percent plan to implement it within the next year and 71 percent plan to add additional tools for ABM.* The existing need for Engagio’s platform continues to grow as B2B companies look for new ways to drive sales and cross or upsell customers.
“ABM is clearly red-hot,” said Miller. “But at the same time, marketing alone is insufficient for account-based success. To really reach out to a target account, you need a 1:1 human connection, which is key to success in sales. That’s why we’re so excited to focus not just on ABM but on Account Based Everything – a strategic go-to-market approach that orchestrates personalized marketing, sales, and success efforts to land and expand named accounts.”
Since launching, Engagio has rapidly expanded its customer base, signing on more than 50 customers in less than 10 months. The company currently works with customers including VMware, New Relic, BlueJeans, Guidewire, Aria, Hearsay Social, Apttus, VersionOne, LiveRamp and InsightSquared. Engagio has also built a world-class leadership team, recently appointing Ray Carroll as VP Sales. Carroll comes to Engagio after spending seven years at Marketo, where he was an AVP of sales and helped grow the company from 1M to 250M of annual recurring revenue. Carroll joins Scott Fehr, VP Customer Success (formerly of Eloqua and Oracle Marketing Cloud); Glen Lipka, Head of Magic and VP Product/UX (formerly of Marketo); and Brian Babcock, Chief Technology Officer and Co-Founder (formerly of Platfora, Rocket Fuel, and Adchemy) on the Engagio leadership team.
“GoodData engages the market for our Smart Business Applications offering with an Account Based Everything approach,” said Blaine Mathieu, Chief Marketing and Product Officer at GoodData. “Engagio enables our marketing and sales teams to target and penetrate new and existing accounts in a highly relevant and effective way.”
“The Engagio team has used its deep Account Based Marketing expertise to create an account-based everything approach that is truly making a difference for B2B companies,” said Sean Jacobsohn, partner at Norwest Venture Partners. “Engagio is empowering its customers to identify and focus their selling efforts on high-value accounts by involving everyone who plays a part in the customer journey. This allows companies to orchestrate multi-step plays that engage target accounts across departments and channels, including email, phone, social, and demand generation.”
*FlipMyFunnel, Account Based Marketing Benchmark Survey Report, 2016