Bizo Raises $10 Million in Series B Financing [Manufacturing Close - Up]
(Manufacturing Close - Up Via Acquire Media NewsEdge) Bizo, a company in business audience marketing, announced that it has closed a $10 million Series B equity financing expansion round led by Crosslink Capital's newest partner, David Silverman.
Existing investors Bessemer Venture Partners and Venrock also participated in the round. Bizo will use the funding to further expand its sales and marketing efforts and continue to extend its platform to support a fast-growing customer base.
According to a release, Bizo offers brand advertisers a precise way to reach and engage business professionals online through audience analytics, social media engagement and precision display ad targeting. More than 400 brands use the Bizo platform to reach their target audiences online. Bizo recently announced momentum for 2011, ending the year with an annual run rate of over $18 million and increasing its year-over-year Q4 run rate by 133 percent it has also continued momentum into 2012 with 125 percent year-over-year Q1 revenue growth. The company also grew its targetable audience of online business professionals to more than 100 million monthly unique users in 2011, through the addition of more than 800 new publisher partners including Crains BtoB, PC World, Cygnus Media, TechMediaNetwork and Thomson Reuters, bringing its current partner ecosystem to over 2,000 business publishers.
Bizo is also continuing to break new technology ground. The Bizo Marketing Platform is now supporting over 45 billion monthly data requests, or approximately 35,000 requests per second at peak, which underscores not only the scalability of the platform the company has developed, but also the large ecosystem of customers and partners that use Bizo's platform to power their online marketing efforts.
With this round of funding, Crosslink Capital's David Silverman will join the Bizo board of directors. Silverman's previous investment experience includes BlueLithium (acquired by Yahoo!), Demand Media (DMD), Fotolog (acquired by Hi-Media), Omniture (OMTR; acquired by Adobe) and Speakeasy (acquired by Best Buy). Bizo's board also includes Russell Glass, Bizo co-founder and CEO; Yonatan Stern, Bizo co-founder and ZoomInfo CEO; Byron Deeter, Bessemer partner and former IBM executive; Steve Ricci, Flagship Ventures senior partner; and Mike Tyrrell, Venrock general partner.
"Bizo was an attractive opportunity for Crosslink because the team has built Bizo into a fast-growing category leader in the business marketing industry, and they've done so in an incredibly capital-efficient way," said David Silverman, partner at Crosslink Capital. "I look forward to working with Russell and the Bizo team to build on these successes over the coming years."
"Bizo has seen extraordinary growth over the past few years and has positioned itself at the center of the business audience marketing ecosystem. This latest round of expansion capital is strong validation of the company's momentum and the opportunity ahead of us," said Russell Glass, CEO of Bizo. "We're very pleased to have the support of David and the Crosslink Capital team as well as our existing investors as we accelerate our technology development and further solidify our leadership position in the market."
Crosslink Capital is a stage-independent venture capital and growth equity firm.
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