Atlanta, Georgia — January 16, 2014 — Sugar Market has secured $8.25 million in financing from some of the top cloud software investors in the Southeastern United States. The Series B round was led by Noro-Moseley Partners (NMP), a 30-year old firm whose past investments include Appia, Clearleap, SecureWorks, Tower Cloud and Vocalocity (acquired last year by Vonage); BLH Venture Partners, whose cloud investments include Vidyo and Ionic Security; and Hallett Capital, an original investor in BetterCloud and Cloud Sherpas, the global cloud services firm.
Sugar Market is a leader in the marketing automation space, delivering a robust solution coupled with unparalleled service at the best price. “The entire Sugar Market team has a relentless focus on helping marketers achieve their goals. This focus has helped us rapidly respond to what marketers tell us they want and need every day. It has also allowed us to triple our staff size in the last year while still maintaining our commitment to be the company that marketers turn to for solutions, knowledge, and support,” says CEO Christian Nahas, who joined Sugar Market from NCR in 2013.
In 2013, Sugar Market more than doubled its revenue and gross profit over 2012 with growth in its midmarket business in particular. The Sugar Market leadership team is executing against the strategic plan they laid out in 2013, launching an innovative channel sales program and completing a thorough rebranding and overhaul of its product user interface, focusing on making it easier for marketing and sales teams to achieve their goals.
In order to support the current and future growth of the company, Sugar Market is currently building out their new 13,000 square foot headquarters in Atlanta, Georgia. The company plans to move their headquarters to the new space by the end of the first quarter.
Nahas added, “Our growth strategy is working. We exited 2013 on a trajectory that will triple sales, revenue, and customers in 2014 as we continue to see increased traction in the midmarket-level business. Marketing automation is the fastest growing segment of the CRM market, which is the fastest growing segment of enterprise software. Sugar Market looks forward to being a big part of that growth.” Meanwhile, IDC predicts the marketing automation category will grow to $4.8 billion in 2015.
“Sugar Market is on a fantastic trajectory and has all the qualities we look for in an investment,” said Alan Taetle, general partner at NMP who will join the Sugar Market board of directors. “They have a unique product in a hot market and an experienced leader with a terrific vision.”
“The Series B is an important milestone for Sugar Market,” said Nahas, “There is a huge greenfield opportunity in marketing automation. The funds will allow us to rapidly accelerate growth both organically and through acquisition. In 2013, we put the building blocks in place for a phenomenal future, and 2014 is off to a great start.”
About Sugar Market
Salesfusion’s mission is to help marketers attract new opportunities, convert them into customers and nurture them into lifetime relationships. With Sugar Market, some of the best marketers today are not only driving quality leads into the sales funnel, they are automating the lead to revenue process. Sugar Market is more than marketing automation, it is the only lead to revenue platform you will ever need.
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