Invoca funding hits $30.8M
Santa Barbara-based inbound call technology firm Invoca has raised $20 million from Accel Partners, bringing the company’s funds raised to date to $30.8 million.
Invoca’s technology lets companies generate unique phone numbers to insert into marketing campaigns, filter calls as they come in, and track and attribute any sales that result. Founded in 2008 and originally named RingRevenue, the company previously had raised $10.8 million from Los Angeles-based Upfront Ventures and Santa Barbara-based Rincon Ventures, who also joined in the latest round of funding.
CEO Jason Spievak said the company still has several million dollars in the bank but wanted to build on its rapid revenue expansion. Invoca ranked No. 1 on the Business Times’ list of Fastest-Growing Companies last year, with three-year revenue growth of 654.5 percent to $5.2 million at the end of 2012.
“We’re bringing on Fortune 1000 brands with rapid revenue growth and zero churn,” Spievak told the Business Times. “What that really means is jobs. I expect the company to double in size over the next year and a half.”
Invoca has about 75 employees now, and the company will open a Bay Area office in addition to expanding its Santa Barbara operations, Spievak said.
Big companies are now spending billions of dollars a year on software to minutely track and manage how they spend their marketing dollars. Invoca says it is the first software firm to let customers track incoming calls from customers with that level of detail. In a statement, Kobie Fuller, an Accel partner who will be joining Invoca’s board of directors with the investment, called Invoca “a category defining business.”
“Despite the fact that their highest-value leads arrive through phone calls, [marketing executives] are routinely stymied by the call channel, assuming that it lacks the same measurement and optimization that other digital channels possess,” Fuller said in a statement. “Invoca is determined to change that mindset by offering the most effective solutions available to enterprise marketers in this channel.”