Sydney-based online email marketing startup, Campaign Monitor, is planning to launch a host of new products over the next 12 months after receiving AU$268 million in first-round funding from a group of US venture capital firms led by Insight Venture Partners.
It is believed that the investment is the largest-ever external investment in an Australian technology startup. However, the equity split of the company following the investment has not been disclosed.
According to co-founder, Ben Richardson, the record-breaking investment will enable the company to launch a range of new products over the next year.
"We are planning major new product launches across the platform in the coming year, including a powerful new email designer and intuitive campaign automation," said Richardson. "I've never been more excited about the future of Campaign Monitor and the opportunity ahead of us."
By Insight Venture Partners' estimates, Campaign Monitor has been profitable every quarter since its launch in 2004, with sales growing at double digits annually for the past decade.
Campaign Monitor claims it has more than 100,000 paying customers in more than 170 countries, with offices in 19 cities around the world.
For Deven Parekh, managing director at Insight Venture Partners, the investment represents a partnership with a world leader in online email marketing services.
"Campaign Monitor leads the market in SaaS email marketing and design solutions," said Parekh in a statement. "We have been impressed by their remarkable global growth, widespread adoption and high customer satisfaction.
"Insight's investment will help the company capitalise on the global demand for their solutions and build a global team to serve customers in all markets.
Campaign Monitor co-founders, Richardson and David Greiner, will continue to lead the company, while Insight Venture Partners' managing directors, Parekh and Nikitas Koutoupes, along with associate Dan May, will join the company’s board of directors.
In a blog post on Campaign Monitor's website, Greiner said that despite the company's startup heritage — and the freedom that comes with that status — the company is preparing to enter a new phase of expansion, indicated that it expected to grow its workforce from 65 people to 165 or more.
"We're also incredibly proud of our bootstrapping heritage. Being focused on running a profitable business from day one has given us the freedom to do things our own way, even if that's in a completely different direction to most of our competitors," he said.
"But the truth is, there's so much more to be done. We want to make sure we continue to grow our team the right way and stay laser-focused on building something that people will still love using a decade from today. Campaign Monitor is just getting started.
"As we grow from 65 to 165 people and beyond, we've now got the backing and wisdom of a partner that's literally helped hundreds of software businesses before us."