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ExactTarget attracts another $30M in venture capital

April 26, 2011

Indianapolis technology jewel ExactTarget has attracted another $30 million in venture funding, the e-mail marketing firm said Monday.

Technology Crossover Ventures led the financing round with participation from existing investors including Battery Ventures, Scale Venture Partners and Greenspring Associates.

The company said it will use the funding to make key acquisitions, expand in new and existing markets, and accelerate development of its interactive marketing technology.

“Our business is to help great management teams build large and important franchises in the technology industry, and ExactTarget exemplifies the innovation, strong business growth, and leadership we seek in our portfolio companies,” Dave Yuan, general partner at Technology Crossover Ventures, said in a prepared statement.  

Ranked 40th on the Wall Street Journal’s list of the top 50 venture-based companies, ExactTarget was founded 11 years ago by local tech entrepreneurs Chris Baggot, Scott Dorsey and Peter McCormick.

The company shelved an initial public offering in 2009. But it has landed about $180 million in venture capital.

It reported record annual revenue of $134 million in 2010.

Also Monday, the company said first-quarter revenue increased 52 percent over the same period last year, but it did not provide an exact figure.

In the past 24 months, ExactTarget has acquired three companies, launched an international division with operations in the UK and Australia, and added more than 500 employees. Global employment now totals more than 825.

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