Small biz champion Infusionsoft raises $55 Million led by Bain Capital Ventures
Today Infusionsoft, creator of the all-in-one sales and marketing software for small businesses, has raised yet again another impressive amount of capital to fuel their mission to help small businesses thrive.
Bain Capital Ventures led the Series D round of growth financing, with participation from prior investors Signal Peak Ventures and Goldman Sachs, as well as, Arthur Venture and Allure Ventures, to a tune of $55 million for this small business champion.
Infusionsoft’s last raise was in January 2013 for $54 million led by Goldman Sachs. That funding helped the company boost employees from 350 to 600 to date, improve product development, which has helped over 25,000 customers and 87,000 users in 100 countries, and expand into their new 86,000 sq. ft. facility in Chandler. The total capital raised to date equates to $125M.
CEO and co-founder, Infusionsoft, Clate Mask tells me they chose to partner with Bain because they were “…the best fit because of the chemistry we had from the beginning…[and] they share our passion and vision for building the small business success platform of the future. Bain has a track record of partnering with mature companies in the marketing technology space, which will help fuel our growth and strengthen our leadership position. They wanted to invest in the market leader and we wanted them to invest in us because we felt a great connection with them from the very first meeting.”
CMO, Infusionsoft, Greg Head shares that Bain also believes in helping small businesses succeed and looks to Infusionsoft to be that champion.
“Infusionsoft is the category leader in integrated sales and marketing software for small businesses, with a customer base that is multiples the size of its closest competitor. The company has also ‘cracked the code’ on selling to and supporting small businesses in a cost-effective and scalable way,” said Deepak Sindwani, a Partner at Bain Capital Ventures who will join the Infusionsoft board of directors. “We believe there is a massive market opportunity ahead to provide software products and services to the millions of addressable customers, and we’re excited to help fuel Infusionsoft’s rapid growth.”
Infusionsoft has been on the fast track and Mask shares that the secret to their success begins with a mindset and giving a care about the owners they service, “The passion and care we have for our small business customers is what differentiates us from all the other companies out there,” he said. “We are simplifying small business so entrepreneurs can pursue their passions and live the life they always wanted. We want to change the world for small business owners everywhere. Who wouldn’t want to have that kind of impact on the world?”
Head mirrors that sentiment and adds that their success also comes down to discipline, “We are extremely disciplined and focused on helping small businesses succeed that are struggling with sales and marketing, and [guiding them to find] the systems required to run it in a modern digital way – and we’ve gotten pretty good at it.”
Within the walls of Infusionsoft, there is a definitive vibe and culture that resonates through the air, one that lives and breathes helping small business owners succeed.
“We don’t care about big business. We are totally committed to small business,” Mask said in his address to over 3,000 small business owners at ICON14.
“We have over 600 employees and we are extremely intentional about our culture. We don’t let people work here unless they are committed to helping small businesses succeed,” Head comments. “We are adding 20-30 people per month and our business is getting recognized for being the small business champion. We are now at a size that we are influencing many businesses, and we are getting noticed for that.”
With many of the dollars coming in from Silicon Valley, one might wonder if Infusionsoft might be encouraged to move offices to California. Mask said, he sees plenty of opportunity in Arizona and doesn’t have any intention of moving. “Arizona is a great place to start and grow a business. It’s been exciting to watch the tech market in Arizona grow, especially throughout the past year. When we first began the funding process in 2007 there was an unspoken expectation that we would move our office to Silicon Valley. We never had the intention to move because we see a lot of opportunity in Arizona and we have an incredible talent pool here.”
What’s next for Infusionsoft? Jobs, product development and mobile functions.
“Infusionsoft has leased the building next door and will begin to expand into it in 2015,” Mask said. “We will continue to grow and hire, and expect to bring on about 200 more employees in the new year. We started 2014 with 398 employees, so 222 new jobs this year.”
Head states that they will continue to invest in their product development and build out a larger platform that integrates with more third-party sales and marketing tools owners are currently using to build their business. To date, Infusionsoft’s Marketplace houses over 150 apps, and expects more added in 2015; they have also released new mobile-focused products like Snap and Infusionsoft Mobile.
“We feel like we are just getting started and we plan to do this a long time,” Head states.
Jobs: Want to work at Infusionsoft? Check out our job board.
Photos courtesy of Infusionsoft, ICON14