Breaking News – Integrate Raises $7 Million in equity led by Foundry Group
INTEGRATE the first closed-loop marketing software and media services provider announced today they received $7 million in new equity funding led by the Foundry Group with participation from Comcast Ventures and Liberty Global Ventures.
The company’s $7 million adds to the $11 million Integrate received in March 2012 from Comcast Ventures, Liberty Global and Foundry Group, bringing the total Series B round to $18 million. Integrate’s total funding to date is $22.25 million.
Integrate has some momentum going for them with two recent appointments of Chief Marketing Officer Scott Vaughan as well as CFO, David Tomizuka, read more about the appointments and Integrate’s growth at AZTB.
Integrate will use the funding to advance product development and scale beyond its current stable of 2500 brand and agency customers. Integrate is on par to reach $90-100M in sales over the next year.
I talked with CEO Hart Cunningham about the raise.
Tell me about your relationship with Foundry Group.
We took a lot of inbound meetings, we were referred out by Kleiner Perkins to Foundry. We have an office in Denver and Foundry had a lot of expertise in the advertising and marketing space, and had quality exits and entrepreneur-friendly ventures.
Working with them is a dream, Foundry has been really great and open and supportive…we’ve talked to other VCs and they didn’t really understand what we were doing. As you grow a good company, you have the opportunity to choose and be picky who you work with…it’s also important to work with people you like.
What is next for Integrate? Any new technology or hires?
Our technology is at the strong point, we have 2,500 agencies using our product, we are investing in additional tech hires and marketing, but for us it’s about the person and the right fit. We want people that fit the personality of the company, are task-oriented, take pride in their work and understand our technology and messaging.
We are extremely excited to be in the Valley and bring technology jobs to Arizona instead of California and encourage all entrepreneurs to continue to work hard bring talent to the Valley.