Infusion receives $9 million in funding
Infusion Software has received $9 million in funding from venture capital firm MDV-Mohr Davidow Ventures.
The small business-oriented software developer will use the investment to build its client base, increase sales and step up marketing. Infusion creates CRM software for businesses that have more than two, but less than 200, employees.
"We've always seen how laughable the software [small businesses] have to work with [is]," said said Infusion president Clate Mask. "We started [making software] for small businesses with a lot of direct marketing, so our software started out as CRM with a heavy emphasis on auto-pilot." Mask went on to say that the company had begun to hear from small businesses that were not in DM, but still wanted the company's software.
Infusion currently boasts more than 1000 customers - a number that Mask hopes to double within the next 18 months.
"The small businesses that are trying to grow know that marketing is the key to growing quickly, and they know that automation is essential," said Mask of the company's growth strategy. "Many times, we find trusted advisors that they are already talking to. We're working on more relationships like that to make strong strategic alliances."
Flagship product Infusion CRM provides a central, web-based platform for lead generation, conversion and client fulfillment. Its modules include e-commerce, lead capture, click tracking and billing, among others.
MDV's investment is the first round of venture financing sought by Infusion. Mask said that MDV, which focuses its investments on business, technology and medicine. was chosen from a group of 30 interested firms because Infusion executives thought the firm's marketing capabilities would help bring Infusion to the mainstream.