It has been more than five years since Visual IQ raised its $12 million Series B — a situation that not all tech companies would be able to handle — but that’s the position the Needham-based marketing tech company finds itself in.
As Visual IQ releases its new marketing intelligence software platform, the company is mulling the possibility of raising another round of funding depending on the performance of its current growth initiatives, CEO and co-founder Manu Mathew said.
“It’s an active conversation,” Mathew told BostInno, adding that the company has no current time frame. He previously told Boston Business Journal in July that it could happen in 2018.
The company has been very capital efficient, Mathew added, which has given the company more flexibility on when and whether to raise more funding. That’s been a theme throughout the company’s lifespan, having taken the bootstrapping route for its first four years until raising its $3 million Series A in 2010. Visual IQ’s most recent lead investor is Volition Capital, a local growth equity firm that focuses on fast-growing, capital-efficient businesses that have raised no venture capital.
The company’s bookings for the first half of 2017 grew more than 90 percent year-over-year, Mathew said, though he declined to provide more specifics on revenue.
Announced on Wednesday, Visual IQ’s new marketing intelligence software platform aims to provide marketers and advertisers a more granular look into the performance of their campaigns across digital, mobile and physical touchpoints. The software lets them determine things like which marketing channels are the most effective relative to the demographic they’re targeting and how to optimize marketing budgets to reach new and existing audiences.
“They can now optimize different touch points based on this analysis,” Mathew said.
The release of the new product, which will replace Visual IQ’s current offering, marks the company’s completion of its fall 2016 acquisition of Refined Labs, a German competitor whose technology is now fully integrated within the new platform. When Visual IQ first acquired the company, Mathew said, the company was originally looking to expand its footprint in Europe and gain a stronghold in Germany, which is the continent’s second largest media market. The company is also looking to access more clients in Asia and the Middle East.
The Refined Labs acquisition, along with the ramping up of sales channels partners, will also help the company expand beyond enterprise clients to smaller companies.
Visual IQ now has north of 300 employees across its offices in Needham, San Francisco, New York, London, Munich and India.