NEW YORK, NY, Marketing Evolution, provider of powerful marketing measurement and optimization solutions, today announced $26.1 million in growth financing.
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The round was led by Energy Impact Partners (EIP), a leading utility-backed energy investment and innovation firm, with continued participation from existing investors Insight Venture Partners and Zetta Venture Partners. This round brings the total invested to date to $50.7 million. In addition, Lindsay Luger, partner at EIP, will join Marketing Evolution's Board of Directors.
Marketing Evolution was named a Leader in "The Forrester Wave: Marketing Measurement And Optimization Solutions, Q2 2018." This funding supports continued innovation, specifically around its Marketing Measurement and Attribution Platform, which announced expanded features in February, empowering marketers with an automated data pipeline. The company's focus on a new automated data pipeline process directly addresses findings from Forrester Consulting that 65 percent of marketers are concerned about the quality of their data, and other industry research that found more than 60 percent of marketers identified 'improving marketing data quality' as a strategic priority, and 44 percent said improving marketing data quality is a struggle to achieve.
Additionally, the funding will be used to scale Marketing Evolution's international growth and to continue to focus on customer success. Working with EIP, Marketing Evolution will also extend its solutions to marketers within the utilities and energy industry, arming them with tools to leverage massive amounts of data to drive key business decisions and better understand their customers.
"We proved that person-level marketing optimization with Artificial Intelligence (AI) will increase a marketer's return on investment by 30 percent. The key is a fully automated data pipeline that can integrate a diverse set of data in real-time. We've deployed our experience working with over 75 of the world's leading brands and $25 million of invested capital to build the world's leading fully automated data pipeline," said Rex Briggs, founder and CEO of Marketing Evolution. "With this additional round of $26 million in capital, we will deepen the use cases for marketing and business optimization to make it faster and easier to on-board and truly connect with customers in the most profitable ways."
The growing issue of bad data quality in marketing is a leading contributor to wasted media spend. Marketing Evolution developed the first marketing measurement solution to incorporate an extensive process for assessing and validating data quality into its standard product, from data arrival to ingestion and consumption, covering representativeness analysis and anomaly detection. Data quality assurance is one of the core pillars in Marketing Evolution's product design and development.
"In the energy market, every citizen is a customer. Utilities are constantly seeking ways to drive better engagement and enhance the customer experience," said Lindsay Luger, partner at EIP. "Marketing Evolution's platform, which has been proven across several consumer-facing industries, is a perfect solution to help utilities optimize their outreach and offer a better energy experience for all of us."
About Marketing Evolution
Marketing Evolution provides the most powerful marketing measurement and optimization solutions that increase campaign performance, sales, and engagement. Leveraging patented technology and data from hundreds of sources, our breakthrough person-centric approach provides marketers with actionable insights to prospectively recommend media, message, and budget allocation.
Forward-looking brands rely on Marketing Evolution to deliver accurate unified marketing measurement across both online and offline channels, while maximizing their media spend, marketing Return on Investment (ROI), and brand impact. To learn more, please visit https://www.marketingevolution.com/.
About Energy Impact Partners
Energy Impact Partners is a strategic private equity firm established in 2015 that invests in innovative technologies, services, and products throughout the energy supply chain from generation to consumption. It provides its strategic partners with critical information helping them plot a path into the future. Through close collaboration with its investor base, EIP seeks to bring the best companies, buying power, and vision in the industry to capitalize on the emerging energy landscape. EIP's utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Zetta Venture Partners
Founded in 2013, Zetta Venture Partners is the first early stage fund focused on AI for business - companies with both a technology and data advantage - and has $185 million under management. Current representative portfolio companies include Clearbit, Domo, Domino Data Lab, Focal Systems, InsideSales, Invenia, Teem, and Tractable. Past portfolio companies - bebop and Kaggle - were acquired by Google.