Balihoo ( Ballihoo Com), the leading provider of local marketing automation (LMA) technology and services to national brands with local marketing needs, today announced that the company has secured $5 million in funding to support future business growth. OpenView Venture Partners, an existing Balihoo investor, led the round, with the participation of Highway 12 Ventures, also an existing investor. Balihoo has experienced triple-digit revenue growth over the last three years, with an increasing number of national brands seeking to increase revenue regionally with Balihoo’s local marketing automation solutions.
“This investment validates our aggressive growth and innovation strategy to help national brands maintain visibility and optimize sales at the local level,” said Pete Gombert, CEO of Balihoo. “OpenView Venture Partners has a wonderful track record of helping successful companies like Balihoo move to the next level, and we’re pleased to continue our close relationship with them as Balihoo’s momentum grows stronger as we move into another great year. “That’s right.
In the 2011 Hype Cycle for Marketing Automation, Gartner Managing Vice-President Kimberly Collins wrote, “In 2010, marketing automation moved from ‘nice to have’ to ‘must have’ ”Gartner projects the market for marketing automation to grow at a compound annual growth rate of 12. 4% 2010-2015 (Gartner CRM Vendor Guide, 2012)
In addition, brand use of local marketing automation platforms is expected to nearly double in 2012, according to the 2011 CMO Council Report, Localize to Optimize (Industry data on trends driving local marketing automation adoption, viewing and downloading infographics-‘Local Web: the single largest opportunity for national brands’-by visiting http://balihooh). com/thank you/local-web-infographic (d)
Kohler, Pearle Vision, Geico, 1-800DOCTORS Com is among the growing number of national brands using Balihoo’s local marketing automation platform to increase visibility and increase sales through local outlets such as dealers, agents, distributors, retailers and franchisees. New funding from OpenView Venture Partners and Highway 12 will support the continued growth of Balihoo as the company expands its customer base to national insurance, manufacturing and healthcare clients, while also reaching untapped market segments that can benefit from local marketing automation solutions.
“Balihoo’s management and product teams have developed a unique solution that makes Balihoo a leader in the underserved market with tremendous growth potential,” said Scott Maxwell, senior managing director and founder of OpenView Venture Partners. “The company’s local marketing automation platform provides a turn-key solution for national brands to build stronger brand and sales presence in local markets. “That’s right.
Balihoo appeared on the INC 500 Fastest Growing Private Companies List in 2011 and 2010. The company also won the 2010 Red Herring 100 North American Award and was named “Cool Vendor” in marketing technology by Gartner Research in 2010. Find out more about Balihoo at Ballihoo Com Ballihoo Com