Automated Call Marketing Firm Invoca Secures $20 Million
Call marketing technology provider Invoca on Tuesday announced closing $20 million in a third-round funding led by Accel partners and including prior investors Upfront Ventures and Rincon Venture Partners. The latest funding, which will go toward expanding operations and product development, brings the company’s total raised to date to $30.8 million.
Invoca, formerly RingRevenue, offers a platform for generating in-bound sales calls for businesses that includes campaign management, analytics and mobile optimization tools. Its system also integrates with other enterprise marketing software from firms such as Salesforce, Kenshoo, CAKE and Marketo.
Started in 2008, the company now boasts more than 3,000 clients, including Liberty Mutual Insurance, OpenTable, Answer Financial and DirecTV. Invoca declined to reveal 2013 revenue, but says it has had 200% sales growth each of the last four years, and that $1 billion in transactions were completed over its platform last year.
The company also declined to comment on its profitability.
Commenting on the funding in a blog post today, Mike Boland, vice president, content, at local media research firm BIA/Kelsey, said it reflects phone calls getting more respect as a form of inbound marketing. “That has a lot to do with increasing smartphone use — especially for high intent mobile search,” he wrote.
Invoca has capitalized on this trend, especially in connection with large companies that “thrive on incoming calls. This applies to advertising but also making sure that operations run smoothly and leads are managed and routed within large call centers,” added Boland.
Invoca’s funding comes on the heels of ifbyphone's, a competitor in the call monetization space, which secured $9 million in a fourth-round financing, led by River Cities Capital. That brings its total funding to $30 million. BIA/Kelsey estimates $68 billion is spent annually across media on localized efforts.