Singapore’s national phone operator SingTel Group’s corporate venturing unit has made its first foreign investment by leading the $13m series C round for US-based Baynote, a provider of personalization and digital marketing optimization services.
The investment came as Baynote hired Doug Merritt (pictured) as its executive president from Germany-based software company SAP where he was executive vice president of global on-demand applications.
Baynote said the C round would be used "primarily to advance the company’s entrance into new high-growth industries, such as telecommunications and financial services" and its customers include AT&T, CA, Dell, Expedia, Intuit, Fox, Urban Outfitters and Vevo.
Jack Jia, founder and chairman, Baynote, said: "Through SingTel Innov8’s investment, we hope to tap into the SingTel Group’s expansive markets [of 368 million mobile customers across Asia and Africa] and capabilities to help take Baynote and our technology for digital and e-commerce professionals to the next level."
The S$200m ($150m) SingTel Innov8 fund set up last summer led the round and was joined in the consortium by media group Disney’s corporate venturing unit Steamboat Ventures and venture capital firms return Hummer Winblad Venture Partners and JK&B Capital. Steamboat, Hummer and JK&B had previously invested $15m in Baynote, with Steamboat’s Dan Beldy leading the $10.75m series B round in April 2007.
Merritt replaces Mike Backlund, who will continue to work with Baynote as SVP of Worldwide Field Operations after stepping up to chief executive (CEO) in March.
Merritt said: "Mike led Baynote to another stellar year of revenue growth, approximately 75% in 2010 after an increase of over 100% in 2009; and I’m excited to continue working with him and the rest of the team to help us reach new heights in 2011 and beyond."
Yvonne Kwek, chief executive of SingTel Innov8, said: "With Doug’s appointment to CEO and the latest financing, Baynote is now poised for what we expect will be a period of very explosive growth for the company worldwide."