On24, a US-based webinar marketing software provider backed by several corporate investors, received $25m in funding on Wednesday from investment bank Goldman Sachs’ Private Capital Investing group.
Founded in 1998 as an investor-focused media and webcast company, On24 has since pivoted to focus on a cloud-based platform that enables businesses to market themselves through live and on-demand webinars. It supported more than 60,000 webcasts over the course of 2015.
On24 had raised a total of $46m as of its last publicly disclosed funding round, an $8m round featuring U.S. Venture Partners (USVP), Canaan Partners, Rho Ventures and Gold Hill Capital in 2008.
The company had previously secured $25m in a 2000 round led by USVP that included media companies Reuters and CNet, the former of which invested through its Greenhouse Fund; Canaan Partners, Rho Management, Amicus, Merrill Lynch, IT services provider ComDisco and web services provider Go2Net, which invested shortly before it was acquired by InfoSpace, the online services company now known as Blucora.
Sharat Sharan, co-founder and CEO of On24, said: “In today’s volatile economic climate, more and more businesses are turning to the proven power of multimedia marketing, including video and webinars, to truly connect with prospective customers.
“This funding will allow us to help businesses everywhere deliver billions of dollars in sales pipeline through our marketing platform.”