Iterable announced a $23 million Series B funding round on Tuesday, as well as releasing a new in-app messaging feature to its marketing platform.
The funding round is led by Index Ventures and includes participation from CRV and other past investors.
David Rangel, VP of marketing at Iterable, says that Iterable’s new influx of resources will be funneled primary into its technology product and expanding the company’s engineering team. Rangel envisions Iterable expanding into additional marketing channels down the road, and discusses his interest in messaging future customers through Facebook Messenger or other chat applications like WhatsApp.
“Email is still our strongest channel, as it is for most of our customers,” says Rangel. “That’s not changing anytime soon, but there are segments of the population where email is not the best channel to reach them.”
Rangel says the funding will also be used to expand the company’s sales department and customer success team so that the company can offer great support.
Iterable is a B2C marketing platform that orchestrates unified marketing campaigns across email and mobile from a single platform.“Marketers should all be able to design campaigns instead of thinking about their siloes,” says Rangel.
In addition to mobile push notifications and SMS, Iterable unveiled a new in-app messaging feature on Tuesday in conjunction with the company’s funding announcement.
The new mobile marketing feature comes at no additional cost for Iterable customers, as the company’s cost structure is based on the number of consumers being messaged instead of by channel or by message volume.
Since raising an $8 million Series A in January, Iterable’s recurring revenue has grown by over 400%. The company counts Zillow, Doordash, Munchery and Yelp as customers.