August 27, 2009
Based in Boise, Idaho, Balihoo, which is one of the premier local advertising automation services provider, announced today that it has received additional funding in a funding round led by OpenView Venture Partners. OpenView Venture Partners joined in with Balihoo’s existing investors in this round of funding, who include Highway 12 Ventures and Lacuna Gap Capital. Balihoo is a different type of marketing company in that it offers national brand names the necessary local marketing needs through local and regional automated advertising that caters to those brands and local franchises and their local advertising and marketing needs.
According to the Senior Managing Director and Managing Partner of OpenView Venture Partners, Scott Maxwell, Balihoo offers a unique local advertising platform to national name brands and franchises, which enhances the brand’s image nationally and at the same time increasing the demand for that particular brand in that local area. Furthermore, Balihoo’s growing customer base is a testament to the uniqueness and effectiveness of Balihoo’s service. This being mentioned along with the top caliber of Balihoo’s management team, the company is poised for success, making Balihoo fit all the criteria to receive an investment from OpenView Venture Partners.
Balihoo’s CEO, Pete Gombert further stated that OpenView Venture Partners stood out from other investors that the company was looking for to finance its ventures. Mr. Gombert further stated that the company has already experienced four quarter periods with double digit compound revenue growth and OpenView Ventures has an impressive track record in helping software companies to quickly meet the growing demand for their products. Mr. Gombert also stated that after Balihoo launched its new LMA platform, the company has experienced huge demand for this platform and as brands are trying hard to get their products marketed to local markets, they have discovered that Balihoo’s new LMA platform seems to be getting the job done, whereas the conventional marketing techniques are not as effective anymore.
OpenView Venture Partners is an expansion stage vc firm which has over $100 million under its management from leading institutional and private investors throughout the world. OpenView Venture Partners primarily seeks high growth companies in the software, internet, and tech industries. OpenView’s team has the entrepreneurial experience to help entrepreneurs expand their business and meet the growing demand of their products. Some other companies in OpenView’s portfolio include Central Desktop, Open-e, ExactTarget, eEye Digital Security, Aelita Software, and others.
Highway 12 Ventures is a vc firm that seeks high growth potential startup companies within the US intermountain geographic region. Currently the vc firm has over $100 million under its management and invests in all industries. Some other companies in Highway 12 Ventures’ portfolio include @Last Software, Alliance Health, CareFX, CradlePoint, and others.
Lacuna Gap Capital is an early stage vc firm that searches to provide that “missing part” to fill the gap in a company’s early life. The vc firm’s landing page shows a diagram of the entrepreneur’s brain and pinpoints all the things that an entrepreneur would be likely to think about.
For more information about Balihoo, click here.