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Hayley Ringle Reporter-Phoenix Business Journal
Infusionsoft, the Chandler-based small business sales and marketing software provider, announced a $55 million Series D funding late Friday to continue its growth in sales and marketing products and commercial expansion.
With this fourth round of financing, Infusionsoft has raised $125 million in capital since 2007.
The 575-employee company, which started in 2001, has seen rapid growth, and expects to continue hiring another 200 employees next year as it did this year, expand office space in Chandler and still has plans to go public, said Clate Mask, Infusionsoft’s co-founder and CEO.
“We’ve got enough capital to last us for a while,” said Mask. “We’ll wait to go public until we want to, as opposed to when we need to.”
The $55 million investment was led by Bain Capital Ventures, with participation from previous investors Signal Peak Ventures and Goldman Sachs & Co., and also Arthur Ventures and Allure Ventures. Goldman Sachs led a $54 million Series C investment for Infusionsoft in January 2013.
Infusionsoft fills the void for small businesses who say it’s “too complicated and expensive” to use Salesforce.com, which is mainly used by large enterprise customers, said Deepak Sindwani, a partner with Boston-based Bain Capital.
“Infusionsoft has the real sweet spot, and I think they will rule in small business CRM (customer relationship management),” Sindwani said. “I think CRM is a critical component in the digital age, and that’s why we targeted Infusionsoft.”
Sindwani, who also is joining the Infusionsoft board of directors, said Bain Capital is an active, hands-on investor. They plan to help Infusionsoft with growth strategies, new products, business developments, acquisitions, team building and IPO preparation.
“We have experience with businesses at this stage,” said Sindwani, who joined Bain Capital in 2009, and focuses on growth-stage investment opportunities in leading sales and marketing software companies. “We think Infusionsoft is the category leader in small-business CRM and marketing. We’re excited to be a part of the team.”
“Phoenix is a great place to build a business,” said Sindwani, formerly with Comcast Ventures. “It has a lower cost market and a skilled, young workforce. I think Phoenix is a great area and it’s certainly a market we want to pay attention to.”
Sindwani believes Infusionsoft may be Bain Ventures’ first big investment in the Phoenix area.
“We have a great partner in Bain Capital Ventures. It’s great to get that top-tier partner,” Mask said. “It was really fun going out and raising capital in this round. Investors used to not invest in small businesses and that’s really changed over the last couple of years. We saw that big time in this financial round.”
Mask said many companies say there’s not a lot of money in the Valley, but said that’s been changing. He added that he knows of a couple local companies that will be announcing funding soon.
“I’m really encouraged by what’s happening by tech financing in Arizona,” Mask said. “Investors don’t care where you are. If you’ve got that kind of scale it becomes very interesting. It’s about delivering over a certain period of time.”
Infusionsoft expects to continue hiring another 200 employees next year, and is always hiring developers, sales reps and customer support. Future open positions will likely be in accounting, finance, human resources and systems IT.
A building next to the headquarters in Chandler also will be leased by Infusionsoft for expansion in January. The company doesn’t plan any other Arizona offices, but does have an office in Utah and plans to open another office next year somewhere in the U.S., Mask said.
“Our headquarters will stay loud and proud in Arizona,” said Mask, who lives in Gilbert. “We will continue to grow as a leader in sales and marketing software, offer more in the way of mobile and extend services to more education and training.”
The company’s Icon annual conference for small businesses will be March 30 to April 2 at thePhoenix Convention Center and is expecting to have more than 4,000 small-business owners attend from around the globe.
“We’re right in the heart of helping small businesses succeed with training and leads,” Mask said. “We’re excited about becoming a great success story in Arizona and are working hard to make it easier for entrepreneurs to get access to capital.”
Hayley Ringle covers technology and startups for the Phoenix Business Journal.
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