Contact management platform FullContact has raised $25 million in a round led by Foundry Group, with participation from Baird Capital, Shea Ventures, and Blue Note Ventures.
Founded out of Colorado in 2010, FullContact’s cloud-based address book serves its users with the necessary smarts to make the most of their contacts across platforms, helping to avoid duplicate data, ensuring information is up-to-date, and combining data from multiple sources to bring more context to professionals’ digital networks. It’s essentially designed to remove the pain of manually managing your contacts, and it includes complementary services such as human transcription of business cards.
The 2011 Techstars Alumni had garnered around $25 million before today, so this latest round effectively doubles the money raised since inception. The fresh cash injection will be used to “continue building the most adaptive and powerful platform for managing the world’s contact information,” according to a statement.
In real terms, that means expanding sales and marketing efforts, while also “pursuing strategic acquisitions that bolster our technology and data assets,” according to Brad Feld, managing director at the Foundry Group. “With over 40 billion contact records under management, FullContact was already on track to more than double recurring revenue for the fourth straight year,” he said. “The funding will be used to support the company’s rapid growth.”
FullContact is no stranger to acquisitions — back in 2014 it snapped up rival Cobook, while last year it brought nGame on board for its customer data analytics platform. And back in March, FullContact made its third acquisition with social address book startup Brewster.
Besides going on an acquisition spree with its new-found wealth, FullContact said that it intends to “more than double” its workforce in the year ahead and plans to open further offices this year, in addition to its existing hubs in Denver, Dallas, and Riga (Latvia).