iContact’s trail to $40M investment began with IDEA Fund
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DURHAM, N.C. – IDEA Fund Partners, which invests in early-stage companies, can certainly crow about the first deal it ever made.
iContact, the e-mail marketing firm that announced a $40 million Series B round of investment from JMI Equity on Monday, drew its initial funding from IDEA Fund in May 2006. So far, the firm has poured $1.5 million into iContact.
IDEA Fund placed $500,000 in iContact, and the firm’s Merrette Moore has served on iContact’s board as well as an observer as the company has grown to service more than 65,000 customers worldwide.
iContact is preparing to move into new headquarters and has aggressive plans for expansion with the new funding. The company raised some $14 million in its first round of investment.
“We are extremely proud to be a part of iContact’s success and to have contributed to building a company that not only has experienced impressive growth over the recent years but also serves as such a strong citizen of the community,” Moore said.
“Four years ago we saw the potential and were incredibly impressed by the team led by Ryan Allis and Aaron Houghton, who were 22 and 25 at the time. We made an early bet that has proven to provide a great return in many ways.”
IDEA Fund also is associated with NC IDEA, an economic development group that traces its roots to MCNC and funding earned through a successful tech spinout. NC IDEA makes grants to early-stage startups.
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