Canada-based marketing tool provider Allocadia received $16.5m yesterday in a series B round led by Susquehanna Growth Equity (SGE), the private equity affiliate of trading and technology company Susquehanna International Group.
Altos Ventures, iNovia Capital, Illuminate Ventures, Beehive Holdings, and angel investors Don Mattrick and Norm Francis also participated in the round.
Founded in 2010, Allocadia operates a platform that helps marketing staff manage campaigns and budgets, providing analytics to measure user engagement. The tool can also be used in conjunction with customer relationship management products such as Salesforce.
The cash will go to accelerating product development, driving channel investments and hiring more staff. Martin Angert, a director at SGE, will join Allocadia’s board of directors in conjunction with the round.
Allocadia raised $7m in a June 2014 series A round co-led by Altos and iNovia and backed by Illuminate, Beehive, Don Mattrick and Norm Francis. Beehive, iNovia, and assorted angel investors had already provided $1m in seed funding in 2013.
Kristine Steuart, chief executive and co-founder of Allocadia, said: “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.
“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.”