Iterable, a marketing platform that enables cross-channel campaign management, has raised $60 million in series D funding. This was led by Viking Global Investors, with participation from CRV, Harmony Partners, Index Ventures, Stereo Capital, and Blue Cloud Ventures.This is the company’s second fundraising in less than 12 months, and brings its total raised amount to over $140 million.
Iterable’s platform takes advantage of machine learning algorithms that analyze user behavior, and optimize the time, channel, and frequency to engage them. Event data is used to calculate the perfect time for conversion and identify which channels are the best to use. Real-time interaction data is also leveraged to cap messaging volume, so that users aren’t constantly barraged with promotions and messages.
“There are a lot of great ideas and things that became experiments at Twitter,” says Justin Zhu, Co-Founder and CEO at Iterable. He and Andrew Boni co-founded the company six years ago, after working for some time as engineers at Twitter and Google. “But I noticed that only a very few companies — the biggest, most qualified technology companies — could execute a variety of different growth marketing efforts. Many most likely don’t have the right people or experience.”
Zhu goes on to say that not enough companies are building significant innovations in how marketing works because they lack the technical experience or general knowledge. Combined with the rise of stronger data protection and privacy rules, as well as a greater consumer awareness of the importance of internet security, effective digital marketing has become more and more of a challenge. With Iterable, users can try out a variety of approaches across different platforms and channels. They can fine-tune what works for, and quickly filter out what doesn’t.
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