HubSpot has raised $16 million in a third round of funding led by Scale Ventures; existing backers Matrix Partners and General Catalyst Partners also participated. In a blog post, HubSpot’s Brian Halligan says the round “saw another large increase in valuation” for the company, although he does not specify the amount. New cash will be used for research and development.
The company’s web-based platform helps businesses optimize their sites for search engines, track leads, and also publish content. Over the last year, the company’s revenue has jumped 350 percent and its customer base has more than doubled to 1,800, Halligan says.
HubSpot last brought in funds in May 2008, when it raised $12 million in a round led by Matrix Partners. With the new funds, the company will have now raised more than $33 million since it was started in 2005.