iContact, provider of the leading email marketing and blogging application, has secured $5.35 million in financing led by Updata Partners with participation from North Carolina-based venture firm IDEA Fund Partners. The company will use the funding to expand marketing initiatives, increase customer acquisition, and support product development efforts, further fueling its already phenomenal growth. iContact is the first application in the world to allow businesses to manage all their online communications in one central web application. iContact allows its 11,500 customers and over 90,000 users to easily create email newsletters, blogs, RSS feeds, surveys, and autoresponders. Commensurate with the funding, Carter Griffin of Updata Partners, has joined the iContact Board of Directors. "iContact is an established leader and innovator in areas where we see tremendous growth and opportunity, serving small-to-medium sized businesses with sophisticated, integrated online marketing solutions in an on-demand delivery platform," said Griffin. "We look forward to working with the dynamic team at iContact to rapidly scale the company." The company currently employs 58 people in the Raleigh-Durham area and expects that number to grow to over 100 in the next 18 months. |
