IDEA Fund Partners’ First-Ever Investment Proves to be Win-Win
IDEA Fund Partners, LLC, an RTP-based venture capital firm providing seed and early-stage financing to technology companies throughout the Southeast and Mid-Atlantic, is pleased to announce the recent $40 million Series B venture capital funding of portfolio company iContact from JMI Equity of Baltimore. IDEA Fund Partners (IFP) was the first institutional investor in iContact, investing $500K in May 2006 as the firm’s first-ever investment out of IDEA Fund I.
IFP has invested a total of approximately $1.5 million in iContact since the initial round in 2006. Following the initial investment, IFP Venture Partner Merrette Moore served as a board member, and more recently an observer, working closely with the company’s management in these roles.
“We are extremely proud to be a part of iContact’s success and to have contributed to building a company that not only has experienced impressive growth over the recent years but also serves as such a strong citizen of the community,” said IFP Venture Partner Merrette Moore. “Four years ago we saw the potential and were incredibly impressed by the team led by Ryan Allis and Aaron Houghton, who were 22 and 25 at the time. We made an early bet that has proven to provide a great return in many ways.”
“IDEA Fund Partners took a chance on us when no one else would,” said iContact CEO Ryan Allis. “Not only did they believe in us but they were the only investor at the time to structure a deal that was both equally attractive to us and them. We are proud to share in our successes with them.”
iContact is poised to become the new standard in email marketing. The company has a proven, industry-leading solution, impressive customer roster and this most recent investment will allow them to accelerate their global reach. This latest round of investment in iContact also provides a partial recapitalization and liquidity event for its existing investors.
About IDEA Fund Partners
Located in Research Triangle Park, IDEA Fund Partners provides seed and early stage equity funding along with company building expertise to IT, materials technologies and medical device companies in North Carolina, as well as the Southeast and Mid-Atlantic regions. Currently investing out of its first fund, IDEA Fund Partners has invested in six companies since 2006. Learn more at www.ideafundpartners.com.
With more than 65,000 customers, iContact provides email marketing for small to mid-sized businesses and non-profits. iContact allows for easy creation of email newsletters, surveys and autoresponders. Market leaders like Vonage, International Paper, LG Electronics, and ReMax, use iContact to build stronger relationships with their customers and prospects at a fraction of the cost of traditional marketing methods.
iContact, designed for the small business market, is available at www.iContact.com; iContactPlus, a suite of custom and managed services designed for mid-sized organizations, is available at www.iContactPlus.com.