Updated with new traction metrics
Search marketing firm WordStream announced this morning that it has raised $12 million in venture capital to keep growing and innovating.
And, CEO Ralph Folz said, to give away more free stuff.
WordStream offers Internet marketing software for search engine optimization and pay-per-click advertising, helping companies optimize their websites, landing pages, and Google AdWords campaigns. The company now has over 100 employees and has pushed past $10 million in annual recurring revenue, Folz said on the company blog.
The company will use the new funding round, led by Baird Capital in Chicago, to continue to build new measurement and analysis tools for online marketers.
In addition, WordStream plans to continue releasing free tools such as its AdWords Performance Grader and its recent Landing Page Grader.
Over 1,000 online marketers rated the best marketing automation systems
This is a big round for a company with roots in the search marketing industry and is yet another indicator that the digital marketing technology space is continuing to erupt. As of last summer, WordStream had over 1,000 clients, and its AdWords Performance Grader had analyzed over $2.5 billion in unique AdWords spend.
Now, CEO Folz told me via email, the company has over 1,600 customers and AdWords Grader has analyzed over $4.2 billion worth of unique spend.
With its recent additions, the company is moving from simply analyzing pay-per-click spend to also analyzing and helping your improve your wider digital marketing efforts.