Marketing performance management may not sound like the most exciting of businesses to be in at first glance, but there is a huge market for tools that help marketing teams plan, budget and analyze the performance of their campaigns.
One of these tools is Allocadia, which today announced that it has closed a $7 million Series A round led by Altos Ventures and iNovia. Additional participants include Illuminate Ventures, as well as current investor Beehive Holdings, Zynga CEO Don Mattrick and former Pivotal Corporation co-founder and CEO Norm Francis, who also participated in the company’s $1 million seed round in January 2013.
The Vancouver, Canada-based company, which was founded by sisters Kristine Steuart and Katherine Berry in 2010, plans to use the additional funding to invest in sales, marketing and product innovation to fuel its current growth.
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“Today’s CMOs are looking for an answer to the very real business pains of marketing planning, budgeting and analytics. More than 100 enterprise customers worldwide have chosen Allocadia as their solution to improve marketing performance,” said Steuart in a statement today. “The time is now to scale and expand so we can continue to deliver more value and innovation to our growing customer base.”
Allocadia mostly focuses its offerings on larger enterprise companies. It provides a wide range of tools for budgeting, planning and performance measurements with prices that start at $59 per month for small teams with up to 10 users. The service is tightly integrated with a number of third-party marketing tools, including, for example, Salesforce’s CRM products and Marketo‘s marketing automation platform. The company says it currently has about 100 customers worldwide, which include the likes of Juniper Networks, VMware and f5.