Venture Capitalists Invest Extra $15M In E-Mail Firm Constant Contact
New and existing venture capital investors are pouring an additional $15 million in Constant Contact, an e-mail marketing services firm seeking to grow its business.
New investor Greylock Partners is committing $10 million in the Waltham, MA-based firm that handles e-mail for small businesses, nonprofits and associations.
Existing investors like Commonwealth Capital Ventures, Hudson Ventures, Longworth Venture Partners and Morgan Stanley Venture Partners will pump another $5 million into Constant Contact.
The small business market -- 25.8 million small firms alone in the United States -- is a particular focus for Constant Contact (www.constantcontact.com).
The company will use the extra cash to offer its Web-based, hosted e-mail service to retailers, restaurants, spas, consultants, nonprofits and associations -- sectors it currently serves. Constant Contact helps them create e-mail newsletters, announcements and promotions.
According to the company, Constant Contact doubled its customer base last year from 25,000 to 50,000. The seven-year-old firm claims a total of 65,000 clients.