IT group DataXu has raised $27m of growth capital via a fundraising round led by venture capital firm Thomvest Ventures to fund its ongoing global expansion and further development of its digital marketing software.
The fundraising effort was also supported by the digital marketing software specialist’s existing major investors Atlas Venture, Flybridge Capital Partners and Menlo Ventures.
Following the funding round, managing director of Thomvest Stefan Clulow will join DataXu’s board of directors.
DataXu’s software helps enterprise marketers better understand and engage consumers and optimise their marketing spend.
“Our strategy is to find and partner with entrepreneurs building transformational companies,” said founder and managing director of Thomvest Ventures Peter Thomson. “The rise of programmatic marketing is reminiscent of how automation and software also revolutionized the financial services industry.
“We believe DataXu is in the vanguard of an even bigger opportunity and on a trajectory to become the next great enterprise software company.”
The fundraising round capped a highly successful year for DataXu, during which it saw its customer base triple, while revenues generated by its direct to enterprise software soared 700 per cent compared with the previous year.
Thomvest is focused on software, technology-enabled services, and hardware businesses. More than two third of the companies funded by Thomvest over the past decade have either gone public, been acquired or continue to grow as independent businesses.
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