When it comes to notable announcements, marketing technology company Instapage is keeping a brisk pace lately.
Weeks after the March news that COO Mark McKenna had been elevated to CEO of the company, Instapage shared that it had brought on additional funding, this time to the tune of $20 million.
Through this funding, Instapage hopes to capitalize on its platform to help advertisers who McKenna described as “frustrated” by low rates of visitors turning into customers.
“We’re confident our platform can deliver immediate and long-lasting improvements to those conversion rates,” McKenna said. “Our recent funding helped Instapage get in a position to help them faster.”
To help support the platform goals, McKenna said that the funds will be leveraged for hiring, advertising and other needs.
So what’s on the horizon? Connecting with Built In Austin, McKenna unpacked both the decision to raise funds and how the capital will put Instapage in a position to act on its goals.
When was your last funding round, how much did you raise and how much funding has your company now raised in total?
We’ve had three funding rounds. We raised $1.5 million in seed funding, $15 million in funding from Morgan Stanley Expansion Capital and now $20 million from Bridge Bank for a total of $36.5 million.
Why did your team feel that the time was right to raise a round of funding?
It was a combination of it being a very favorable time to raise capital and our desire to get to market sooner than later with our new Advertising Conversion Cloud platform. Our customers and potential customers are very frustrated with the massive inefficiency in conversion rates on their digital advertising spend.
We’re using the funding to bring our new platform to market and continue to evolve it.”
How do you plan to deploy this capital?
We’re using the funding to bring our new platform to market and continue to evolve it. That effort involves adding 40 to 50 people to the team, ambitious advertising efforts to spread the word on our capabilities and continuing to add more automation to the platform.
