Boston marketing tech startup SnapApp is looking to make some potential acquisitions after raising more money from its lead investor.
The company announced on Tuesday that it has raised a $10.2 million Series B round from Providence Strategic Growth, the growth equity arm of Providence Equity Partners. This brings the company's total funding to $26 million.
SnapApp provides an interactive content marketing platform that lets companies make things like personality tests, calculators and clickable infographics as a way to collect data on user interactions and build a more effective pipeline of prospective customers. The company focuses on selling its software to midmarket and enterprise-level customers, which pay anywhere from $1,650 a month to as much as six figures a year for the product, Seth Lieberman, SnapApp's CEO and co-founder, told BostInno.
The company saw its annual revenue in 2016 grow more than 100 percent, Lieberman said, and it's on track to see similar growth this year. SnapApp now has a couple hundred customers, which includes Cisco, Hewlett Packard Enterprise and Equifax.
"We have a lot of traction because, fundamentally, what we see in the market is, blogging is good and it's nice, but the value delivered to the prospect isn't there," said Lieberman, who declined to provide revenue figures. Companies are buying into SnapApp's platform, he added, because it helps them save time and money on building their own tools.
Lieberman said that the company will use the new financing round to further invest in product development, expand its sales operation and explore potential acquisitions of small companies that may have a product that could be added to SnapApp's platform.
The company has about 70 employees, which is around the number of employees when Lieberman spoke to BostInno roughly a year ago. The CEO said this is part of the company taking a "cautious" approach for growing its business, adding that it has never had layoffs.
"Our goal is always to max out every department until we're going to break it," Lieberman said, adding that the company plans to increase its workforce by 17 percent this year.
