Venture fund of funds Greenspring leads $15m Demandbase funding


cloudVenture capital fund of funds Greenspring Associates has led a $15m direct funding round for business-to-business marketing company Demandbase.

Existing backers Scale Venture Partners, SigmaWest, Altos Ventures, Costanoa Ventures and Adobe Systems also took part in the financing.

Greenspring partner John Avirett said, “Demandbase is disrupting a mega advertising market with a subscription-based advertising solution that is generating measurable returns for their customers.

“Few companies innovate at the pace of Demandbase and we believe they will be the marketing platform company to drive the convergence of adtech and marketing tech sectors.”

Web interactions managed by Demandbase’s cloud-based software tripled to more than 10 billion in 2013.

Last month AltAssets revealed Greenspring Associates had raised $182.8m towards its latest vehicle, Greenspring Global Partners VI.

Greenspring’s predecessor fund, Global Partners V, raised $365m in 2011.

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