Biz360 Inc., the leading provider of active market intelligence, today announced that it has secured $10.5 million in Series C funding. BA Venture Partners of Foster City, California, led the round with existing investors Adobe Ventures, Granite Ventures and Foundation Capital also participating. Sharon Wienbar, director, BA Venture Partners will join Biz360's board of directors. A large customer base, key partnerships and 184 percent annual revenue growth allowed Biz360 to close an oversubscribed, up-round of funding in just two months, at a higher valuation than anticipated. Funds raised will be used to gain market share through increased sales efforts and to raise awareness of the growing need for active market intelligence among Global 2000 companies.
"Biz360's proven software-as-services business model delivered rapid growth during one of the most challenging software markets that we've seen. As more enterprises discover the benefits of buying software as a service, such as lower IT support costs, companies such as Biz360 are uniquely positioned for success," said Sharon Wienbar, director, BA Venture Partners. "We were also impressed with Biz360's ability to identify and address the large new market for active market intelligence; as companies rationalize spending across the board, Biz360 helps executive focus marketing dollars and activities where they're most effective."
Biz360 achieved unprecedented 184 percent year-over-year revenue growth, driven by industry leading customers such as 3Com, AstraZeneca, Bank of America, Centocor, Harley-Davidson Motor Company, Oracle Corporation, PacifiCare Health Systems, Seagate Technology, Sun Microsystems and VeriSign, Inc. Corporate communications and marketing executives use Market360 to actively monitor their market presence, analyze macro trends affecting the industry, track the competitive landscape and adapt their marketing communications strategy to maximize the effectiveness of their communications budget.
Biz360 also announced the appointment of Bud Michael as chief executive officer. Michael joins Biz360 from KANA Software where he was most recently senior vice president in charge of marketing, products and information systems. Michael was recruited for his expertise in growing companies and returning shareholder value.
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