• Hosted Call Center
• Articles

NetProspex Raises $5.5 Million in Financing

By Ed Silverstein, TMCnet Contributor

NetProspex Inc. has raised $5.5 million in a Series B financing round, the business to business lead generation company, has announced.

The money will be used to expand sales and marketing. Product development is also to be funded with the money, according to a statement from the Edison Venture Fund, which led the funding.

“Edison Ventures brings a proven track record of accelerating growth through strategic guidance and value added services,” commented Gary Halliwell, CEO of NetProspex. “Edison’s serial success funding CRM [customer relationship management] and marketing technology leaders, including a deep network of industry contacts, will be instrumental in building NetProspex into leading Data as a Service provider.”

Ryan Ziegler, an Edison principal, and Paul Schmidt (News - Alert), an Edison director network member, joined NetProspex’s Board of Directors.

Edison said it has invested in 20 businesses related to revenue generation and interactive marketing.

In addition, some investors who took part in the NetProspex’s 2009 Series A round, which raised $2 million, took part in Series B financing.

The company so far has raised $7.5 million.

Company revenue is less than $10 million a year, Halliwell told Mass High Tech. The company has approximately 20 employees, with more coming on in 2011, particularly engineers.

The company is growing in other ways too.

“The most notable thing is the growth in the (leads) database. In the past year, we’ve grown from about 8 million contacts in the database to 16 (million),” Halliwell told Mass High Tech.

Customers may pay the company for leads or can submit unused business cards and get fresh leads in return, reports Mass High Tech. NetProspex offers customers a 100 percent replacement guarantee and continually scrubs its data.

“Customers and partners praised data quality and breadth of contacts,” said Edison’s Tom Vander Schaaff, a vice president, about NetProspex.