Marketing Evolution, provider of powerful marketing measurement and optimization solutions, today announced $26.1 million in growth financing. The round was led by Energy Impact Partners (EIP), a leading utility-backed energy investment and innovation firm, with continued participation from existing investors Insight Venture Partners and Zetta Venture Partners. This round brings the total invested to date to $50.7 million. In addition, Lindsay Luger, partner at EIP, will join Marketing Evolution’s Board of Directors.
This funding supports continued innovation, specifically around its Marketing Measurement and Attribution Platform, which announced expanded features in February, empowering marketers with an automated data pipeline. The company’s focus on a new automated data pipeline process directly addresses findings from Forrester Consulting that 65 percent of marketers are concerned about the quality of their data, and other industry research that found more than 60 percent of marketers identified ‘improving marketing data quality’ as a strategic priority, and 44 percent said improving marketing data quality is a struggle to achieve.
Additionally, the funding will be used to scale Marketing Evolution’s international growth and to continue to focus on customer success. Working with EIP, Marketing Evolution will also extend its solutions to marketers within the utilities and energy industry, arming them with tools to leverage massive amounts of data to drive key business decisions and better understand their customers.
“We proved that person-level marketing optimization with Artificial Intelligence (AI) will increase a marketer’s return on investment by 30 percent. The key is a fully automated data pipeline that can integrate a diverse set of data in real-time. We’ve deployed our experience working with over 75 of the world’s leading brands and $25 million of invested capital to build the world’s leading fully automated data pipeline,” said Rex Briggs, founder and CEO of Marketing Evolution. “With this additional round of $26 million in capital, we will deepen the use cases for marketing and business optimization to make it faster and easier to onboard and truly connect with customers in the most profitable ways.”
The growing issue of bad data quality in marketing is a leading contributor to wasted media spend. Marketing Evolution developed the first marketing measurement solution to incorporate an extensive process for assessing and validating data quality into its standard product, from data arrival to ingestion and consumption, covering representativeness analysis and anomaly detection. Data quality assurance is one of the core pillars in Marketing Evolution’s product design and development.
“In the energy market, every citizen is a customer. Utilities are constantly seeking ways to drive better engagement and enhance the customer experience,” said Lindsay Luger, partner at EIP. “Marketing Evolution's platform, which has been proven across several consumer-facing industries, is a perfect solution to help utilities optimize their outreach and offer a better energy experience for all of us.”