Today, enterprise-focused Tealium announced that it has raised a $10.5 million Series B round of funding from Battery Ventures. Battery’s Neeraj Agrawal will be joining its board of directions as part of the deal. Interestingly, Tealium raised its Series A round recently, in January of this year. That funding was a total of $1.1 million, and came from four individual investors.
Tealium works with ‘tag management. ‘ The company’s product is what it calls a ‘universal tag,’ one that can be quickly updated across various locations, such as analytics of PPC search. With Tealium’s ‘IQ’ tag, companies can update their tags from a central location, quickly. This saves times, and likely lowers mistake rates.
While this sort of tag work isn’t the sort of thing that you read about every day, it’s a growing business. According to Tealium, the company has grown its roster of customers by 60 paid enterprise clients since the start of the year. That has boosted its first-half revenue by 700% when compared to the same period in 2011.
The amount of money, its timing, and the fact that a single venture firm undertook the round are interesting. It could be that Battery wanted to invest as quickly as possible, a scenario that make sense only if Tealium is growing at such a clip that its value is rising at a large block monthly. Or, it could be that Tealium spent heavily, and was in need of the cash rapidly – a one VC deal can scoot along faster than one with a number of players. Alternatively, it could be that Tealium wants to acquire a few companies to ensure that it has a clear path to market leadership. It would need more than its first million to do so.
The company claims that the funds will be used to “fuel further product innovation and development” and staff up. That’s boilerplate, of course.
In a way Tealium almost feels like an odd company to write about, given that funding news of late has often involved companies that make little to no money. This firm, on the other hand, appears to have dollars in its eyes.
Top Image Credit: Fox Wu