NetProspex Snares Additional $3.5M
WALTHAM, MA, Edison Ventures announced a $3.5 million follow-on investment in data services firm, NetProspex.
Edison Ventures announced a $3.5 million follow-on investment in Waltham, MA-based data services firm, NetProspex. Edison led a $7.0 million financing for this high growth business, bringing Edison's cumulative investment to $8.6M. Proceeds from the round will increase sales, accelerate channel partner integrations and increase product development.
NetProspex's B2B data solutions give marketers and sales professionals best in class data and supporting analytics to intelligently target prospects and improve campaign performance. NetProspex solutions integrate with marketing automation and CRM systems, enabling continual lead flow and delivery of quality data at scale. Data is crowd-sourced and verified with a proprietary methodology, with a host of targeting attributes to enable marketing campaigns for thousands of B2B organizations.
Ryan Ziegler, Edison Principal who led the investment noted, "NetProspex is leading the industry with the most accurate business contact and company data in the cloud. The company enables marketers to analyze, verify, fix, append and grow prospect and customer data, the lifeblood of all sales and marketing initiatives." Tom Vander Schaaff, Edison Partner led the diligence team. He remarked, "NetProspex is addressing a major pain point for customers and channel partners. The market is responding, revenue doubled each year since the company was founded." Ryan and Paul Schmidt, Tangoe SVP Marketing and Edison Director Network member serve on NetProspex Board.
"We are thrilled to have the value-add of Edison's network and operational acumen of Ryan and Paul on our Board. This investment supports our aggressive expansion toward category leadership in cloud-based data services," stated Gary Halliwell, NetProspex CEO. "Chief Marketing Officers must get a handle on the data explosion within the enterprise. Bad data costs marketers significant missed revenue opportunities and costs hundreds of dollars per record in costs to store and repair."
NetProspex is part of Edison's growing interactive marketing and digital media portfolio. Interactive Marketing and eCommerce industry segment includes investments in advertising technology, digital media, interactive marketing, eCommerce, mobile and the social media economy. Notable investments include ACT! (Sage), Cadient, Dendrite (Cegedim), Fishbowl, Lifebooker, MediaBrix, Motionsoft, Neat, Operative, PlumChoice, Salsa Labs, SMTN, SnapMyLife, Sonicbids and Vocus.
About Edison Ventures
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, New York, NY, McLean, VA, Needham, MA, and Cleveland, OH. Industry specialties include Financial Technology, Healthcare IT, Interactive Marketing and eCommerce and Enterprise 2.0. Edison's successes include Cambridgesoft, Dendrite, Gain Capital, Liberty Tax, Marcam, M5, Mathsoft, Neat, Octagon, PlumChoice, Tangoe, Virtual Edge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $700 million and actively making new investments. For more information on Edison Ventures, please visit http://www.edisonventures.com and follow us on Twitter @edisonventure.
Founded in 2006, NetProspex drives customer acquisition by partnering with B2B marketers to deliver targeted prospect lists, comprehensive data cleansing, and profiling analytics that help to uncover data insights and optimize lead generation results. Thousands of B2B organizations rely on NetProspex to acquire and maintain clean, accurate contact information to fuel high-performing marketing campaigns.
Winner of two CODiE Awards from the SIIA, Best Lead Generation Solution and Best Solution Integrating Content into Workflow, NetProspex maintains a deep database of millions of crowd-sourced business contacts verified by CleneStep technology.
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