Coattail Ventures strikes again, backs StrongMail with $13M
StrongMail Systems, a Redwood Shores, Calif. provider of email delivery software, that helps companies manage marketing campaigns, among other things, has raised $13 million in a third round of funding.
The round was led by new investor DAG Ventures, and included existing backers Evercore Partners, Globespan Capital Partners and Sequoia Capital.
DAG Ventures has pursued a dogged strategy of backing companies that have received capital from the best-name venture firms, including Sequoia, Kleiner Perkins and Benchmark. There are almost no exceptions to this strategy, and thus its nickname is “Coattail Ventures.”
VentureWire (subscription required) reported the news this morning. Here’s a snippet:
StrongMail sells hardware and software, available separately or as a turnkey application, that allow its customers to better deliver business email and track what happens to them after they are sent.
The money from this round will be used to break into the European market. “Over the last year we had a great deal of success within the U.S. borders” going from $0 to about $6.5 million in revenue over the last year, said Cece, who attributes much of the company’s growth to the trend of large enterprises handling transactional email in-house rather than outsourcing them to email service providers.
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