Sequoia Capital has turned its eyes toward lead generation in its latest investment, Mintigo, a company focused on streamlining the customer acquisition process. The second round of funding was announced today and was capped off at $9 million.
Mintigo describes finding sales leads not as a needle in a hay stack, but rather a needle in a needle stack. There are so many potential customers out there and many of them seem as worthy of a pitch as any. Enter Mintigo’s Customer Code makeup.
Each company has what Mintigo calls a “customer code,” or a make up of traits that form a company’s customer type. Once Mintigo “cracks the code,” the company targets a specific demographic based on your business model, product or service, and industry for potential leads. In essence, it combs through this subset of potential leads and tries to match your code with their codes. Once it has found a match, it sends it to you.
Lead generation has been around since people have exchanged of goods. There are a multitude of companies analyzing sales data, all attempting to make the best formula for saving time wasted cold calling. Companies such as Eloqua all have recipes for using existing contacts to find new ones. But Mintigo is seeing some traction and has been nominated for Microsoft’s BizSpark One program.
Mintigo was founded in 2009 and is located in the US, Spain and Israel. Other investors in this round included Giza Venture Capital and private investors. The company has over 25 employees and plans to use the funding toward expanding its US product.