Iterable Raises $23M and Announces New In-App Messaging Features
Index Ventures leads round following continued strong growth in 2016
Iterable, the growth marketing platform, today announced a $23M Series B round of funding led by Index Ventures. CRV and other past investors also participated.
With this investment, Iterable cements its position as the leader in providing enterprise B2C (business-to-consumer) companies with a modern, marketer-friendly and highly scalable platform for growing and engaging their user bases. Companies use Iterable to segment and engage their users across email, mobile push notifications, SMS and in-app messages. Since raising a Series A, less than one year ago, Iterable’s recurring revenue has grown by over 400%.
"2016 has been a spectacular year for Iterable. We continued our momentum in the enterprise by signing customers like Zillow, who chose us as their core marketing CRM and messaging platform," said Justin Zhu, co-founder and CEO of Iterable. "We’re excited to partner with Index Ventures for the next step in our growth and will keep on executing our mission: empowering the next generation of marketers to effectively grow, engage and retain consumer audiences across all channels."
Along with the investment, Iterable is announcing new in-app messaging features. With this functionality, Iterable customers can message active users inside their mobile apps, engaging them in a more immediate manner. In-app messaging is highly complementary to the other messaging channels and fits in seamlessly with the rest of the Iterable platform, taking advantage of the power of real-time segmentation, customizable templates, workflow automation and A/B testing.
"Iterable's team is building a compelling product that has everything we look for in enterprise software: it's easily integrated with existing tools, frequently used, and highly scalable," said Shardul Shah, Partner at Index Ventures. "Their platform is the new standard for growth marketing."
"I understand the importance and challenges inherent in building a scalable, marketer-friendly messaging infrastructure, and I believe Justin and the Iterable team have unlocked a compelling solution," said Dick Costolo, Venture Partner at Index Ventures and former Chief Executive at Twitter. "In making their growth marketing platform available to a broader audience, more global enterprises will now be able to leverage a customer growth and marketing funnel solution."
With the new funds Iterable will further invest in engineering and customer success and will continue to build a world-class platform for consumer marketing, CRM and messaging. Iterable will also add support for several new marketing channels to its platform.
Iterable empowers growth marketers to create world-class user engagement campaigns throughout the full lifecycle, and across all channels. Marketers segment users, build workflows, automate touch points, and test strategies at scale without engineering support.
Iterable makes the highly-scalable growth and user engagement tools used by leaders like Twitter and Facebook available to all B2C marketers. The team know this space well: they built the growth systems that powered Twitter’s massive early growth. Iterable was founded in 2013 and is backed by Index Ventures, CRV and other top-tier Silicon Valley VCs. Follow the company on Twitter @iterable or go to iterable.com.
Published — Dec. 13, 2016