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The new money comes less than a year after Iterable’s last funding round–the company raised $50 million for its Series C in March. But Iterable CEO Justin Zhu said in an interview with Crunchbase News that even though the company didn’t need the money, it’s better positioned now going into next year.
“The conditions are good for fundraising,” Zhu said. “The general advice is to raise money when you don’t need it, so that’s the strategy we took and we’re now in a much stronger position and we can focus on growing without having to worry about what happens next year with markets, the election, things like that.”
With the new funding, the company will be focusing on getting more mainstream brands using Iterable, Zhu said. Iterable already counts plenty of startups like Rocksbox, ShopRunner and DoorDash as customers, but it wants to expand its roster of Fortune 1000 companies.
“The companies that need us the most are the ones who have been around for decades and don’t have anything close to this kind of technology,” Zhu said.
Iterable, which was founded in 2013, will be investing more in its core customer relationship management platform, expanding its artificial intelligence capabilities, and grow the Iterable ecosystem. It also plans to invest more in technology around data privacy and data governance on its core channels, Zhu said.
This past year, Iterable opened offices in Denver and London, and the company plans to grow those offices by hiring more engineers, customer support and sales staff, Zhu said.
Illustration Credit: Li-Anne Dias