Optimove, a customer marketing cloud company, announced today that it has raised $20 million in growth funding from Israel Growth Partners, a late-stage private equity investment firm.
Optimove, which is based in Tel Aviv, announced earlier this year that its CEO and founder, Pini Yakuel, was moving to New York City to open the company’s U.S. headquarters.
This funding appears to be part of the company’s overall strategy to expand rapidly into the U.S. market, and the company says it plans to hire aggressively at its recently opened Flatiron office. Most of the new hires are likely to be in sales and marketing, as the company's research and development team remains in Israel.
Optimove has been bootstrapped since its founding in 2009, but has seen significant growth — including 100 percent year-over-year growth for the past three years.
“We were in a fortunate position where we never needed to raise venture capital money in order to grow,” Yakuel said. “But, we decided to take on a growth round at this point in the company’s evolution because we are already stable and profitable and we are now ready to accelerate our growth."
Optimove sees future growth potential in the United States market, and expects to see as much as 90 percent of its revenue coming from here — an increase from around 30 percent today.
Today Optimove employs around 100 people in offices in New York, London and Tel Aviv.
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