Marketing software developer Smarter Remarketer Inc. plans to double its workforce after securing $7 million from a prominent Boston area investment firm, the Indianapolis company announced Thursday.
The north-side marketing software firm, launched in 2010, will likely grow from 25 to about 50 employees in the next 12 to 18 months, which company president and CEO Howard Bates said was a conservative forecast.
Battery Ventures in Waltham, Mass., led the funding round. The firm, which has raised $4.5 billion since it began, focuses largely on marketing technology businesses.
The investment firm, which specializes in marketing technology, previously threw its weight behind two of Indianapolis’ biggest technology names before they went public, ExactTarget Inc. and Angie’s List Inc.
Bates said it was far too early to know whether Smarter Remarketer will attempt a similar chase for an initial public offering. Right now it is focused on growing.
The investment caps off a 2013 in which Smarter Remarketer tripled its revenue, the exact amount of which the company did not release.
The company drew fire during the year, however, when a story in The Indianapolis Star prompted Gov. Mike Pence to order a review of business practices at investment firm Elevate Ventures. Elevate, chaired by Smarter Remarketer CEO Howard Bates, manages a federally supported investment fund and invested in both Bates’ and his son’s companies. The review stopped short of accusing Elevate of wrongdoing, but recommended stronger oversight.