Marketing insight platform Quantifind raised $30 million in venture funding Wednesday to help companies understand how their advertising efforts drive revenue.
Cathay Innovation led the round with participation from previous investors such as Redpoint Ventures, U.S. Venture Partners, Comcast Ventures, Iris Capital and AME Cloud Ventures. The company has raised $42 million to date, according toCrunchBase. Fortune pegs the company’s funds raised at $60 million.
CEO David Karnstedt joined the Menlo Park-based startup in 2015 after parting ways with Adobe. Adobe bought Karnstedt’s previous company, Efficient Frontier, four years ago for $400 million. Prior to that, Karnstedt was senior vice president of North American sales for Yahoo. The company’s platform sorts social media “signals” and correlates them with sales data.
“We are thrilled to have Cathay lead this round of financing, and their support will be particularly helpful as we expand into new geographies and verticals,” Karnstedt said in a press release.
Quantifind more than tripled its customer base over the past year to include companies across nine new vertical markets, including financial services, automotive, healthcare and retail. Clients include Pepsi and Heineken, according to Fortune. The company has seen a 165 percent increase in bookings year-over-year.
Quantifind will use the funds to support the company’s growth and accelerate product development. The company also plans to double staff at its Menlo Park offices, focusing on growing the sales and customer success teams, in addition to bolstering its data science and engineering teams.