What funding bust? ON24 notches $25M investment
There’s gold in them thar webcasts.
ON24, a company that provides webcast services widely used in B2B marketing and lead generation said that Goldman Sachs’ Private Capital Investing group has invested $25 million in the company.
You may not have heard of ON24, but it’s likely you have used its platform. Webcasts typically combine slide shows with spoken audio presentations and interactive audience Q&A. ON24’s branding is typically suppressed in favor of the client, but the platform is used by many professional publishers and lead generation providers. ON24 said it hosted more than 60,000 webcasts in 2015 and delivered 732 hours of content every hour. The company said it’s on track to deliver more than 100,000 webcasts in 2016.
ON24 notched 70 percent year-over-year subscription revenue growth in 2015. It will use the funding to “accelerate both domestic and international expansion as well as enhance the capabilities of its marketing platform,” according to a press release. The company also operates virtual environments for immersive training and has a low-end offering for basic presentation sharing.
The company was founded as a financial multimedia network in 1998 by Sharat Sharan (above). following the dot-com bust, the founders successfully repositioned it in the marketing and lead generation category.
Goldman Sachs Vice President Holger Staude said “We believe that the company’s flexible, scalable cloud-based platform makes webinars accessible to both enterprises and smaller businesses.”
ON24 has more than 1,500 customers, making it the largest webcast marketing platform for demand generation, lead qualification, and customer engagement. The platform is popular with marketers, who use its registration function to collect leads. While one of the most expensive platforms of its kind, ON24 has a strong reputation for reliability and stability.
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