Israel-based predictive marketing startup Leadspace Ltd. has raised $21 million in a Series C funding round led by Arrowroot Capital and existing investor Jerusalem Venture Partners (JVP). The round was also joined by return backers Battery Ventures and Vertex Ventures.
Vertex Ventures is among a network of venture funds linked to Singapore’s state investor Temasek Holdings. Earlier this year, it closed a $210 million fund targeting India and Southeast Asia.
The current round brings the startup’s aggregate equity financing to $56 million. It had raised $17 million from Battery Ventures, Vertex, and JVP in 2011. The second round saw these three investors back it with an additional $18 million in 2015.
Founded in 2007 by Amnon Mishor and Yaron Karasik and then called Data Essence, Leadspace provides B2B audience management solutions to help businesses generate new leads and optimize business-facing marketing efforts. It lists Microsoft, Marketo, HP Enterprise, and Brocade among its clientele. Mishor stepped down from the CEO role in 2013 and assumed the post of CTO, with the CEO role currently filled by Doug Bewsher, formerly CMO at Skype and Salesforce.
Leadspace said the latest financing round will fund customer acquisition and further development of its audience management platform. It plans to hire developers for its Israel based team and expand its customer team in San Francisco and Denver. Currently, it employs around 90 staff across the US and Israel.
In an announcement, Arrowroot Capital managing partner Matthew Safaii said, “We believe AI is revolutionizing B2B Sales and Marketing as more and more companies are seeing the results. Leadspace has pioneered this space, built an unrivalled platform and won an incredible list of customers. We are excited to partner with the company on the next stage of its growth.”