Digital marketing company Kenshoo has raised $12 million in new funding.
The round was led by late-stage investment firm Tenaya Capital, with participation from all past investors, including Sequoia Capital, Sequoia Growth Fund, and Arts Alliance. A Kenshoo spokesperson told me this brings the company’s total funding to $30 million, and that the company’s valuation has tripled since its last round in 2010.
The company has three main products — Kenshoo Enterprise (a tool for managing search advertising campaigns), Kenshoo Local (ditto), and Kenshoo Social. It says it’s managing more than $3 billion annually in search engine marketing, with more than 1.5 billion search marketing and 1 billion social marketing impressions delivered per day. Clients include Expedia, Facebook, Hitwise, Kayak, LendingTree, Omnicom Media Group, Sears, Starcom MediaVest Group, Tesco, Travelocity, Walgreens, and Zappos.
According to the funding press release, Kenshoo will use the new cash to fund continued growth, to expand in “key geographic markets,” and to create new products that address “the entire purchase funnel.” Kenshoo also sent me one of the best investor quotes that I’ve seen in a while, from Sequoia chairman Michael Moritz:
Any marketer who doesn’t use Kenshoo is burning hundred dollar bills. Kenshoo is the only internet company that provides advertisers with a neutral, unbiased way for shrewdly deploying budgets on the world’s largest search engines and social networks.
Kenshoo is a digital marketing technology company that engineers premium solutions for search marketing, social media and online advertising. Brands, agencies and developers use Kenshoo Enterprise, Kenshoo Social, Kenshoo Local and Kenshoo SmartPath to direct more than $25 billion in annual client sales revenue. The Kenshoo platform delivers Infinite OptimizationTM through closed-loop targeting, universal integration, and dynamic attribution. Kenshoo’s adaptive technology, proven algorithms, and unmatched scale power campaigns in more than 190 countries for nearly half of the Fortune...
Tenaya Capital is a leading venture capital firm with offices in Woodside, California, and Boston, Massachusetts. Founded in 1995 as Lehman Brothers Venture Partners, they became an independent company in 2009. Over the years they’ve raised five funds representing over $1 billion of committed capital, investing it in a wide range of high-growth technology companies including software, consumer Internet, communications, semiconductors, electronics, and cleantech.
They cater to two constituencies: the founders and management of private companies who have selected us as partners and the limited partners who have trusted us with their money. We want to do well by both but founders and management come first. We have learned that the only way to develop a fabulous company is one step at a time. This only happens if the company makes wonderful products or delivers a service that thrills large numbers of customers....