Existing backers Norwest Venture Partners, Trinity Ventures, US Venture Partners and Voyager Capital also took part in the round, which Act-On said would be used to accelerate its business on all fronts.
The company says marketing automation is one of the fastest-growing categories in business software, increasing 60 per cent annually and expected to reach $1.2bn in 2014 according to Raab Associates.
TCV general partner David Yuan will join Act-On’s board of directors following the deal.
He said, “Through an elegant product and a frictionless go-to-market model, Act-On has brought the power of marketing automation to small and mid-sized companies.
“This segment represents an enormous, greenfield market, and we’re excited by Act-On’s emerging leadership.
“We’ve been following Act-On for the past couple of years and look forward to working with the team to build a category leader.”
US growth stage investment firm TCV has pulled in at least $1.47bn for its latest fund according to a January filing with the US Securities and Exchange Commission.
TCV III, which is targeting $2.5bn, follows the $3bn the firm raised for its last fund back in June 2007.
In December 2013 AltAssets reported that The Texas County & District Retirement System had committed $50m to the vehicle, while in November it also confirmed a commitment from the Washington State Investment Board.
TCV focuses solely on technology, with $7.7bn raised since inception, usually adopting minority positions.
The firm, which operates out of offices in Silicon Valley, New York and London, recently invested $66m in workforce management company TOA Technologies, in one of largest venture-backed funding in the software sector in 2013.
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