B2B marketing platform Demandbase has raised $65 million in a round of funding led by Sageview Capital and Silver Lake Waterman, with participation from Adobe Systems, Altos Ventures, Greenspring Associates, Scale Venture Partners, Sigma Partners, and Split Rock Partners.
Founded in 2007, San Francisco-based Demandbase offers an account-based marketing (ABM) platform that helps B2B firms target prospective clients based around pre-determined criteria, such as revenue, industry, and previous purchasing habits.
More specifically, the Demandbase platform enables companies to deliver personalized online ads to specific people at specific companies across the web, while refining the message to try to convert them into customers. It does this through a database that aligns IP addresses with company information, so that Demandbase users can detect when an employee of a prospect company is visiting its website or viewing one of its ads. The platform also combines machine learning algorithms with its gargantuan B2B database to help map relationships between companies and garner useful insights.
Prior to now, Demandbase had raised around $93 million in equity financing, and with its latest cash injection it plans to “accelerate innovation of its Artificial Intelligence (AI) and machine-learning technology, and expand ABM adoption worldwide,” according to a statement issued by the company.
“Companies spend more than $40 billion every year marketing themselves digitally to other businesses,” noted Demandbase CEO Chris Golec. “ABM provides a much more efficient way to laser target the right accounts and better align marketing spend with sales activity. We are at the forefront of the ABM revolution, and this additional financing will allow us to fast-track the innovation behind our AI-powered ABM solutions and make our platform a must-have for all B2B companies.”
Demandbase counts some notable clients in its repertoire already, including Adobe, Dell, Accenture, Oracle, and Salesforce.
Other recent players in the ABM realm include Engagio, which raised $22 million last year; Bizo, which was snapped up by LinkedIn back in 2014; and Madison Logic, which sold to a private equity firm late last year.