SnapApp Snaps Up $10.2M as Boston Marketing Tech Sector Surges
Marketing technology is continuing its run as one of the hottest industries of the summer in the Boston-area tech scene. The latest to cash in on the deal making is SnapApp, which on Tuesday announced it received a $10.2 million investment from earlier backer Providence Strategic Growth.
Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners that focuses on lower middle-market software and tech-enabled service companies, pumped $12 million into SnapApp two years ago. The company has raised $26 million in total outside capital, and it employs about 70 people, according to reports from the Boston Business Journal and BostInno.
SnapApp’s software helps marketers create interactive content—think videos, surveys, and contests—to help their companies better engage with potential customers. Its software also measures the impact of those efforts. SnapApp says its clients include Cisco, Hewlett Packard Enterprise, and Equifax.
In a press release, SnapApp says it plans to invest the new funds in product development, sales initiatives, and potential acquisitions.
The investment in SnapApp continues a busy summer for local marketing tech firms. Last week, Evergage raised $10 million from investors, while Jebbit snagged $6.8 million. Earlier this summer, Zaius tacked $6.5 million on to a previously announced venture funding round, while Connecticut-based The Big Willow closed a $1 million round of convertible debt financing.
Local marketing tech companies have been making other kinds of moves, in addition to raising venture capital. HubSpot (NYSE: HUBS)—a pillar company in the Boston area’s marketing and sales software sector—acquired Kemvi, a startup with offices in Cambridge, MA, and San Francisco that provides machine learning tools for sales professionals.
Meanwhile, Localytics, one of Boston’s prominent mobile analytics and marketing software firms, brought in a new CEO, Jude McColgan, to take over for founding CEO Raj Aggarwal. And Quincy, MA-based Propel Marketing renamed itself ThriveHive, the name of the local marketing-tech startup it acquired last year for $11.8 million in cash.