RedPoint Global Raises $12 Million in Funding
RedPoint’s Series C financing will support new product offerings and international market expansion
Published by RedPoint Global.
WELLESLEY HILLS, Mass. – May 18, 2016 – RedPoint Global Inc., a leading provider of data management and customer engagement software, today announced a new round of financing led by Grotech Ventures of Vienna, Virginia, and WP Global Partners LLC of New York, New York. The $12 million in Series C funding will enable RedPoint to expand operations to meet increasing demand in international markets, cultivate a rapidly growing partner ecosystem, and accelerate development of new product offerings.
“There is a tremendous market opportunity for a company who can meet the unique needs of today’s B2C marketer. Creating unified customer views is the greatest challenge B2C marketers must effectively address to be successful in the rapidly emerging Big Data and IoT era,” said Lawson DeVries, general partner at Grotech Ventures and RedPoint board member. “RedPoint has correctly anticipated the need for an innovative platform that can orchestrate customer engagement across any and all entities, devices and channels by optimizing customer data for actionable insights. The company’s impressive growth so far is a hint of what lies ahead, and it was an easy decision for us to double down on our initial investment.”
RedPoint’s Convergent Marketing Platform™ is the leader in combining multichannel marketing orchestration and the capabilities of a customer data platform.
“A traditional customer data platform (CDP) is designed to bring together different data sources for marketers. Programs are usually executed outside of the CDP,” said Raab Associates Principal David Raab. “What’s unique about RedPoint is that it can seamlessly integrate, match, and link data to provide a unified customer profile, while offering an orchestration layer all in a single platform.”
In the last three years, RedPoint has experienced year over year growth exceeding 100 percent, reaching critical milestones and recognition along the way, including:
- Adoption of its solution by premier brands such as: AAA National; AIG; American Express; CompareTheMarket.com; Equifax; GuideWell Mutual Holding Corporation; Kingfisher plc; Rite Aid Corporation; The Limited; and Under Armour, Inc.
- Enhanced partnerships with Big Data innovators like Cloudera, Hortonworks, MapR, Microsoft Azure; as well as solutions partnerships with Acxiom, HP Enterprise, Kobie Marketing, LiveRamp, Merkle, and many others.
- Named a Leader in the Forrester Wave™: Cross-Channel Campaign Management, Q3 2014 report from Forrester Research, Inc. The report called out RedPoint’s Convergent Marketing Platform for its strong data capabilities and satisfied references2.
- Two years in a row, of eighteen providers, RedPoint received the highest score in both the Data Integration and Operational/Transactional Data Quality Use Case categories in Gartner’s Critical Capabilities for Data Quality Tools Report. RedPoint also received the second highest scores in Data Migration, Big Data & Analytics and Master Data Management; and the third highest score in Information Governance Initiatives3.
RedPoint Global works with a wide breadth of sectors, including: banking, insurance, healthcare, retail, travel services, automotive, non-profit, and consumer and business data compilers.
“CMOs are heavily investing in marketing technology. IDC estimated marketers spent $23 billion on Martech in 2015, and that number will grow to $32.4 billion in 2018,” said RedPoint Global CEO Dale Renner. “A unified customer view is an absolute must when optimizing consumer engagement in the age of IoT. RedPoint is built for this new world of B2C marketing. The additional capital will enable us to expand our reach and provide the best possible solutions for companies that need to overcome their complex data challenges and drive better business results.”
Renner’s two previous companies in the data and customer engagement space were acquired for a combined $935 million. Prior to that he was a global managing partner at Accenture where he founded the firm’s CRM practice. Under his tenure, the worldwide business grew to $1.5 billion in revenue.
1 Worldwide Marketing Software Forecast 2014-2018: $20 Billion and Growing Fast, IDC # DOC #251902, October 2014
2 The Forrester Wave™: Cross-Channel Campaign Management, Q3 2014 report
3 Gartner, Critical Capabilities for Data Quality Tools, Ted Friedman, Saul Judah, 18 December 2015
About RedPoint Global Inc.
RedPoint Global empowers marketers to bring together all the customer data they need to create precise one-to-one interactions with customers across any and all marketing channels. Unlike other solutions, the RedPoint Convergent Marketing Platform, a customer engagement platform, enables users to quickly extract structured and unstructured data from wherever it is, easily analyze customer behaviors and preferences, and create precisely the right messaging — whenever and through whatever channel required — all from a single platform. No other software provider offers an all-in-one solution PLUS speed-to-market and robust scalability. For more information, visit http://www.redpoint.net or firstname.lastname@example.org.