ExactTarget has secured $70 million from three venture capital firms. The investment will accelerate the company's growth and expand its international presence, according to the on-demand email and
one-to-one marketing solutions firm. Led by Battery Ventures, the round of financing includes investments from Silicon Valley's Scale Venture Partners, as well as continued investment by Montagu
Newhall. ExactTarget said the round is one of the largest venture capital rounds of investment in the nation this year.
The deal also puts plans for an initial public offering on hold.
ExactTarget has withdrawn its application with the Securities and Exchange Commission to trade on the Nasdaq under the symbol EXTG. Michael Brown, general partner at Battery Ventures, who serves as
Fingerhut board member, will join the ExactTarget board of directors as part of the financing. -- Laurie Sullivan
