– CANADA, Vancouver – Allocadia today announced it has raised a Series B financing for US$16.5 million (CAD$22 million), bringing the company’s total funding to US$24 million (CAD$30 million). The round was led by Susquehanna Growth Equity (SGE), with participation from existing investors iNovia Capital, Altos Ventures, Nanon de Gaspé Beaubien-Mattrick of Beehive Holdings, Illuminate Ventures, Don Mattrick, and Norm Francis of Boardwalk Ventures. Martin Angert of SGE will join the Board of Directors.
The funding follows a year of significant achievements at Allocadia. The company now serves more than 150 companies and thousands of users worldwide, and manages over one billion marketing dollars within its cloud software platform. Allocadia partnered with IBM to bring Allocadia to IBM Marketing Cloud customers, and received several industry awards including Gartner’s Cool Vendor award for Marketing CRM applications. Allocadia also posted over 100% year-over-year growth and boasts best in class SaaS retention/upsell metrics.
“We’re truly excited by what this additional funding means for our customers, partners, and team,” said Kristine Steuart, CEO and Co-founder, Allocadia. “We have amazing customers who know that to succeed in today’s competitive market, they need a radically better way to plan, budget and optimize their marketing investments. This funding furthers our ability to help our customers make every marketing dollar count and drive real business impact.”
“The Marketing Performance Management (MPM) space is one of the fastest growing segments of the marketing technology market today,” said Martin Angert, Director at SGE. “The Allocadia team has built something exceptional. With this category-leading position based on remarkable customers, product, and partners, they are poised to win in this billion dollar market.”
“We have always chosen our investor partners based on who we would be working alongside. We have a tremendous group of investors, and Marty is no exception,” continued Steuart. “What stands out about SGE is their unique approach to smart long-term growth, which aligns with our approach of cementing category winning leadership while building an operationally smart business.”
With the funding, Allocadia will accelerate product innovation, drive channel investments, further expand the team with subject matter experts, and deliver value-add content and best practices.
At Allocadia, we believe in a world where marketers make every dollar count. Allocadia provides marketers with planning, budgeting and performance software that replaces spreadsheets and also connects to finance, sales, and other marketing technologies to deliver the central system of record for marketing. As a result, CMOs and marketers can optimize spend and drive real business results. The recognized leader in Marketing Performance Management (MPM), Allocadia serves more than 150 customers and thousands of users, and manages billions of marketing dollars. Our customers include Juniper Networks, VMware, Arc’teryx, and Charles Schwab, and we partner with market leaders including IBM, Oracle, Workfront and Marketo.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. Notable prior investments include Credit Karma (financial management platform with 40 million members), iCIMS (leading SaaS talent management solution) and Payoneer (payment platform enabling cross-border commerce).
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