Digital marketing company Kenshoo has raised $12 million in new funding.
The round was led by late-stage investment firm Tenaya Capital, with participation from all past investors, including Sequoia Capital, Sequoia Growth Fund, and Arts Alliance. A Kenshoo spokesperson told me this brings the company’s total funding to $30 million, and that the company’s valuation has tripled since its last round in 2010.
The company has three main products — Kenshoo Enterprise (a tool for managing search advertising campaigns), Kenshoo Local (ditto), and Kenshoo Social. It says it’s managing more than $3 billion annually in search engine marketing, with more than 1.5 billion search marketing and 1 billion social marketing impressions delivered per day. Clients include Expedia, Facebook, Hitwise, Kayak, LendingTree, Omnicom Media Group, Sears, Starcom MediaVest Group, Tesco, Travelocity, Walgreens, and Zappos.
According to the funding press release, Kenshoo will use the new cash to fund continued growth, to expand in “key geographic markets,” and to create new products that address “the entire purchase funnel.” Kenshoo also sent me one of the best investor quotes that I’ve seen in a while, from Sequoia chairman Michael Moritz:
Any marketer who doesn’t use Kenshoo is burning hundred dollar bills. Kenshoo is the only internet company that provides advertisers with a neutral, unbiased way for shrewdly deploying budgets on the world’s largest search engines and social networks.