Optimove, a Customer Marketing Cloud and marketing specialist, has managed to secure $20 million in growth funding from private equity investment firm Israel Growth Partners, the first such instance of funding for the group following a successful run of steadfast growth.
Since its inception eight years ago, Optimove has expanded its product scope and focus, which currently is utilized by hundreds of marketing brands. The group’s product suite focuses on customer modeling, predictive micro-segmentation, and campaign automation technologies, which enables marketers to optimize customer spend, engagement, retention, and lifetime value. Currently the group works with a number of brokers, including Easy Markets, 24Option, eToro, Ebury, Ava Trade, and OANDA.
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After notching strong growth margins over the past three years, the reception of $20 million in funding from Israel Growth Partners will go a long way in helping the group develop its research and development (R&D). Moreover, Optimove will utilize the fresh funds to help culture its burgeoning sales and marketing organization, which will take shape in aggressive hires in its US market operations, following on the heels of a recently opened New York office.
According to Pini Yakuel, founder and Chief Executive Officer (CEO) of Optimove, in a recent statement on the funding: “Our mission is to empower customer-centric brands to conduct smarter, emotionally intelligent marketing campaigns. We were in a fortunate position where we never needed to raise venture capital money in order to grow, but we decided to take on a growth round at this point in the company’s evolution because we are already stable and profitable and we are now ready to accelerate our growth.”
Additionally, Moshe Lichtman, co-founder and General Partner of Israel Growth Partners, will join Optimove’s board of directors. “I’m excited to work with Moshe Lichtman and Haim Shani, who have such tremendous experience in the tech field. I have no doubt they will help in making Optimove the fastest growing company and an innovation leader in its space,” Yakuel added.
“Optimove is incredibly well positioned to succeed as the leading customer marketing platform. Not only have they built an extremely sophisticated technology platform that gets rave reviews from all of its customers, but Pini and his team have been able to turn Optimove into a well-oiled machine that is poised for extreme growth and category leadership,” noted Mr. Lichtman, in an accompanying statement.