US-based email optimisation technology developer SparkPost has received $180m from financial services firm PNC Bank and private equity firms LLR Partners and NewSpring Capital.
Founded in 2014, SparkPost has built a data-enhanced software platform that enables users to send business emails to their target audience that comply with cybersecurity requirements.
The company claims the tool is responsible for distributing almost 40% of the world’s marketing emails, on behalf of corporate customers including Adobe, Booking.com, Rakuten, The New York Times and Zillow. It will use the cash to accelerate growth, support research and development efforts and boost its sales.
SparkPost had raised $27m in funding in 2015 from LLR Partners, Hercules Capital and NewSpring, having secured $32m from undisclosed investors two years before, according to a securities filing.
Rich Harris, SparkPost’s chief executive, said: “Every industry was thrust into unprecedented business and environmental challenges in 2020 that forced a leap to digital-everything nearly overnight, and we were there to help them navigate this challenge.
“This additional investment represents the compelling value of email and its potential in the enterprise, and supports our plans for growth and innovation. We are so thankful for our amazing customers and partners, and very proud of the accomplishments and hard work of our team.”
