Channelinsight, a company known for providing channel sales management solutions, has recently announced a piece of great news – they have received $10 million in Series C financing.
This particular round of investments was participated in by Sevin Rosen Funds, Vendanta Capital, and Sequel Venture Partners. It was led by Rho Ventures.
Their CEO Mark Geene, granted Lead411 an e-interview, and shared a few more significant information regarding the company:
Who are your competitors and how are you different from them?
Channelinsight is the pioneer and largest provider of cloud-based automated channel sales management solutions. Our primary competitor is manual processing (i.e. spreadsheets) and in house solutions that cobble together a variety of technologies.
Channelinsight is unique in that our solution is completely cloud-based and crowd-sourced. We provide the most accurate, complete, and fastest-growing directory of high-tech partners and end-customers in the world. We process over 100 million channel sales transactions annually resulting in a directory made up of over 10 million end-customers and 1 million channel partners.
We provide access to all POS and inventory data with a single connection using the Channelinsight Partner Network. We collect, standardize and enhance data from all of our partners the first time we see it, allowing our customers to benefit from the work that has already been done. And, we make it easy for partners to submit data in a variety of flexible formats.
Our Channelinsight Application suite provides informative dashboards, drill-down reports and self-service application workbenches to help manage channel sales, inventory position, incentive programs, discounts and compliance.
Our partnership with salesforce.com allows users to have seamless access to the actionable channel POS and inventory data that we provide using the familiar salesforce.com reports and tools. This allows customers to close the loop from lead generation and opportunity creation to actual sales results, including distributor, reseller and end-user data.
What percentage of your marketing budget are spent on the following?
- Advertising – 50%
- Social Media Marketing – 15%
- SEO – 20%
- PR – 10%
- Direct Marketing – 5%
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Direct Marketing give us the highest ROI at 100% ROI.
What do you plan to spend your new funding on? Product development? Marketing?
We plan to expand our market leading partner network. Over time, we’ll double its size, while expanding our directory and aggregated data services in order to further deepen the functionality of our solution.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
We have recently secured $10 million in our series C financing round, bringing our total funding to $21 million. The round was led by Rho Ventures, with participation from Sevin Rosen Funds, Sequel Venture Partners and Vedanta Capital.
The process of raising funds is always a lot of work, but this round proved to be a very positive experience for us, as it continued to validate the significant interest in our market opportunity. We were fortunate to be able to select the right partners to further amplify the momentum we’re experiencing.
If you are the CEO, what are your biggest challenges?
The biggest challenges revolve around keeping up with the growing market demand. Recruiting and hiring the right people and rounding out our board of directors with the right experience and leadership as the company grows will continue to be a top priority for me.
How many employees do you have?
Channelinsight employs 100 people.
When were you founded?
Channelinsight — formerly known as InfoNow — was founded in the mid-1990’s. I started with the company 5 years ago and began its transformation to an industry-leading SaaS provider of channel management solutions.
How much did your revenue increase (if any) this year over last year?
Our subscription base is growing rapidly and we’re on track to double our customer base this year.
Want to know a bit more about their recent funding? You can check out their press release here.