“Manta provides a one-of-a-kind online community for small businesses and the company’s remarkable growth speaks to the clear demand for its unique value proposition,” said Jon Kossow, general partner, NVP. “Manta is the de facto platform for small businesses to connect with customers and each other, as evidenced by the company’s more than 25 million unique monthly visitors and over 3,000 business owners joining the community daily.”
“Our investment in Manta is in line with NVP’s strategy to invest in profitable, rapidly growing business leaders,” added David Su, vice president, NVP. “The $40bn-plus addressable market in which Manta plays is immense, and the company continues to grow rapidly as small businesses look to expand their online presence.”
With this investment, Kossow and Su join Manta’s board of directors. The board includes directors from existing shareholders, Athenian Venture Partners and Reservoir Venture Partners, who have supported Manta in its growth to date and will continue their support going forward.
“We have worked closely with Manta’s management to grow the company since our initial investment in 2000, and its performance has exceeded all expectations,” said Karl Elderkin, managing partner, Athenian Venture Partners, which will continue to retain a significant stake in the company. “Manta’s focused vision and brilliant execution is impressive, and we’re excited that an Ohio-based company is leading the charge in this sector. Bringing on NVP is yet another proof point of the company’s dominance in the online SMB community.”
Just last month Norwest led a $22m investment round in cloud computing corporate performance management company Adaptive Planning.
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