ReachForce Secures $5 Million In Series B Funding
Greenhill SAVP and G-51 Capital Invest; New Round of Funding to Fuel ReachForce Growth
Austin, Texas - January 14, 2008 - ReachForce Inc., a worldwide provider of OnDemand software and data services for targeted lead generation, announced today its Series B financing led by Greenhill SAVP (GSAVP). Existing investor G-51 Capital also participated in the Series B round. ReachForce, launched in October 2005, will use the $5 million Series B capital to accelerate new customer acquisition and product technology initiatives. As a result of this financing, Steve Brotman, Managing Director of Greenhill SAVP, will join the ReachForce Board of Directors.
According to the Direct Marketing Association (DMA), lead generation expenditures are expected to reach almost $88B in 2008 and 54% of B2B marketers report that reaching the right decision makers is their biggest challenge, as cited in a recent Forrester Research report, "B2B Marketing Needs a Makeover – NOW."
GSAVP's investment in ReachForce illustrates the fund's continuing emphasis on backing innovative lead generation companies within the technology-enabled services sector. "ReachForce is fundamentally changing the way B2B marketers do business," said Steve Brotman, Managing Director of Greenhill SAVP. "We are excited to help the ReachForce team continue its success of transforming and advancing the lead generation data industry."
ReachForce delivers data services and software as a service (SaaS) solutions that enable B2B companies to target lead generation at the right buyers within target companies. ReachForce OnDemand software provides real-time analytics of CRM data by highlighting winning market segment 'sweet spots' and automatically recommending the right businesses to target. Additionally, ReachForce Data Services deliver role-based contact information within these target companies enabling marketers to drive their lead generation efforts to the right buyers in the right companies.
"We reemphasize our commitment to the mission and success of ReachForce with our investment in the company," said Rudy Garza, founder and Managing General Partner of G-51. "ReachForce has been and continues to be an innovator in the CRM ecosystem, with technology advancements on a new software-as-a-service platform and unmatched lead generation data services."
"Finding the right financial partner in the tech-enabled services sector was essential for ReachForce," said Suaad Sait, CEO of ReachForce. "With the backing of Greenhill SAVP coupled with G-51 Capital, we will be able to continue to build a company to revolutionize targeted B2B lead generation and extend our market leadership."
About ReachForce
ReachForce, Inc. is a worldwide provider of data and software solutions that enable B2B companies to target marketing and sales initiatives at the right person in the right company, every time. ReachForce's revolutionary approach increases lead generation effectiveness and accelerates sales cycles. ReachForce customers have experienced increased results by 20 to 30 times for every dollar spent on marketing and sales initiatives – maximizing the value of CRM and marketing automation investments. For more information on ReachForce, please visit www.reachforce.com.
About Greenhill SAVP
With over $100 million under management, Greenhill SAVP makes early stage venture investments in technology enabled services and business information services. Prior fund manager investments include LivePerson (NASDAQ: LPSN), OpenWave (NASDAQ: OPWV), UGO Networks (acquired by Hearst Corporation), and KnowledgeStorm (acquired by TechTarget, NASDAQ: TTGT). Greenhill SAVP is an affiliate of Greenhill & Co., Inc. (NYSE: GHL), an independent global investment banking firm with offices in New York, London, Frankfurt, Toronto and Dallas. Greenhill SAVP leverages its deep domain expertise, a proven investment track-record, and a global corporate network to create significant portfolio value. For more information about Greenhill SAVP, please visit www.gsavp.com.
About G-51 Capital
Founded in 1996 by Rudy Garza, G-51 the Entrepreneurs VC utilizes a proprietary portfolio performance formula in combination with a proven team and best venture practices to develop high-growth and high-velocity businesses that deliver nationally ranked returns to our investors. G-51's success is based on three business catalysts that consistently create value in our portfolio companies, for our limited partners and for our investment syndication partners. Visit G-51 at www.g51.com.