Chicago marketing tech company ActiveCampaign just landed a nine-figure round of funding as the fast-growing company ramps up its hiring.
ActiveCampaign announced Tuesday that it raised a $100 million Series B round led by Philadelphia-based investment firm Susquehanna Growth Equity. Silversmith Capital Partners, an investment firm that led its Series A round, also invested in the latest funding.
$100 million so-called "mega rounds," while commonplace in Silicon Valley, have been rare in Chicago. Healthcare startup VillageMD raised a $100 million round last September, and Tempus raised $200 million earlier last year. Tempus also raised a $110 million round in 2018.
Founded in 2013, ActiveCampaign has built a marketing platform that lets companies send and design email newsletters, automate marketing channels and get sales leads.
Since the company raised $20 million in 2016, ActiveCampaign says it has grown its staff from 65 to more than 550 employees---adding nearly 300 people in the last year. The company expects to do $90 million in revenue this year.
ActiveCampaign has grown to serve 90,000 customers across 161 countries. Beyond its Chicago headquarters, the company has offices in Indianapolis, Dublin, Brazil and Sydney.
“This additional capital gives us the flexibility to continue to quickly adapt to our customers’ needs in a very dynamic market while remaining focused on long-term investments in our core platform," Jason VandeBoom, founder and CEO of ActiveCampaign, said in a statement.
ActiveCampaign's funding continues a hot start for Chicago funding in 2020. Car insurance startup Clearcover raised $50 million earlier this month. Chicago venture funding hit a decade high last year as VC funding surpassed $2 billion in 2019.
