ExactTarget Gets $10.5 Million Funding

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E-mail service provider ExactTarget received a $10.5 million round of venture financing from Insight Venture Partners, the company said this week.

It is the first outside funding for the Indianapolis-based e-mail service provider, which boasts more than 2,400 customers use Web-based e-mail marketing platform, from small organization to large marketers like Home Depot, General Mills and Bristol-Myers Squibb. It also licenses its e-mail platform to 250 agency partners. ExactTarget was founded in late 2000 and claims it has been profitable this year. It has 30 U.S. sales offices.

ExactTarget said it will use the financing for product development, sales and marketing initiatives, and to beef up its customer service.

ExactTarget president Scott Dorsey said spam's complications for e-mail marketing has probably helped the company grow.

"It's been a big catalyst for our business," he said. "Companies still view e-mail as a very viable business tool, and outsourcing it to experts like ExactTarget makes more sense."

In a recent report, Forrester Research ranked ExactTarget as a "strong performer" in its evaluation of e-mail service providers. The researcher praised the company's e-mail platform for its ease of use and capability to manage compliance with CAN-SPAM requirements.

Insight Venture Partners, New York, which manages more than $1 billion of capital and has invested in more than 90 companies, will get two seats on ExactTarget's five-member board of directors.

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