Search engine marketing software company WordStream has secured an additional $6m in third-round financing led by Sigma + Partners as well as Egan-Managed Capital, both previous investors in the company. The company has raised a total of $16m to date.
The additional funding will be used in continued development of WordStream’s pay-per-click (PPC) management software, PPC Advisor, and to support the company’s ongoing expansion, it said.
Since the company was founded in 2008, WordStream has increased its client roster to nearly 1,000.
“WordStream’s growth has picked up dramatically in 2012 and we are fortunate to have investors ready and willing to fuel this growth,” said Ralph Folz, CEO of WordStream.
“WordStream has shown extraordinary growth in the past year, with revenues increasing 300 per cent,” added Paul Flanagan, a managing director at Sigma Partners and a member of the WordStream board of directors. “The company has proven two things: that it can grow profitably, and their software delivers a hard ROI to their customers. When you combine that with the size of the market they are addressing, that is a powerful combination. This infusion of cash will allow them to continue their rapid growth towards becoming the dominant provider of search engine marketing software.”
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