Wall Street Journal — Predictive analytics firm Leadspace has raised $18 million in new funding to expand its business of helping business-to-business marketers find potential new customers.
The funding brings Leadspace’s total capital raised to $35 million. This latest round was led by Battery Ventures and included previous investors as well.
In the past, business-to-business (known as B2B) marketers would hunt down potential new customers by going to relevant industry events or by buying lists. Leadspace, founded in 2007, aims to help B2B marketers mine social media and Web data to figure out who its ideal prospects are, both in terms of companies and individual customers.
Leadspace taps into social and Web data that’s publicly available about potential customers — such as information on company websites, hiring boards, Linkedin, Twitter and blogs– in real-time and matches that data across different sources, such as Madison Logic, HG Data and Dun & Bradstreet as well as company databases. It then uses a predictive analytics model that assigns potential customers a score to determine how likely they are to buy a marketer’s product or service. Such information can be used to better focus sales and marketing efforts on the strongest customer leads.
“We do what every good sales person does, but we automate the process for B2B companies,” said Chief Executive Doug Bewsher.
The company, which is based in both San Francisco and Tel Aviv, will use the funding in part to help expand internationally.
Leadspace says its monthly recurring revenue has tripled over the past year. It works with more than 100 customers including big tech players like Oracle, Microsoft and Autodesk.