Tel Aviv-based cloud marketing firm Optimove has closed a $20 million growth funding round.
The investment comes from Israel Growth Partners, a private equity investment firm, and is the first funding round that Optimove has ever done in its eight years of operation.
The funds will be used to grow Optimove's R&D to keep innovating on its products, as well as to hire aggressively for its recently-opened New York office as it looks to boost its sales and marketing division.
Growing and growing
"Our mission is to empower customer-centric brands to conduct smarter, emotionally intelligent marketing campaigns," said Optimove's Founder and CEO Pini Yakuel.
"We were in a fortunate position where we never needed to raise venture capital money in order to grow, but we decided to take on a growth round at this point in the company's evolution because we are already stable and profitable and we are now ready to accelerate our growth."
Optimove has been making solid growth already in 2016, having integrated its technology with Google Ads in August 2016.