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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLocal marketing software-as-a-service firm company Sigstr Inc. on Tuesday announced it has secured a $4 million growth capital investment.
The equity investment round was led by Princeton, New Jersey-based Edison Partners. Funds will be used to advance new product development and enterprise market adoption, Sigstr officials said.
This is the fourth round of equity capital raised by Sigstr, totaling $11 million.
In August 2017, the company secured $5 million. It raised $500,000 when it joined High Alpha Studio in August 2015 and $1.5 million later that year.
Officials for the 4-year-old company say annual revenue has nearly tripled in the last year, thanks to new customers and strong client retention. Company officials declined to divulge exact revenue figures. The company has more than 60 employees, up from about 30 a year ago.
Sigstr sells software that enables companies to leverage employee emails for marketing purposes. The company this summer rolled out its latest application, Sigstr Pulse,which uses artificial intelligence to map and quantify the collective networks of all employees in a company.
Pulse tracks when an email is opened, how fast it generates a response, how many messages are sent back and forth, the number of calendar invites and other factors to determine relationship strength. Then the software rates—or keeps a score on—the relationship between the sender and recipient, allowing companies to do more effective marketing.
Sigstr said Pulse has helped it to nearly triple its customer base, with the addition of notable brands such as Amazon, Experian, Snowflake, AT&T and GoHealth.
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