Despite a difficult fund-raising environment, ChannelWave was able to nab $26.5 million in its third round of institutional financing. The partner relationship management software firm, which has acquired four companies in its three-year history, got backing from Softbank Venture Capital, which led the round, with ABS Capital Partners, Lazard Technology Partners and Ironside Ventures LLC also contributing. All are returning investors.
Bradley Feld, principal managing director of Softbank Venture Capital, and seed investor , said ChannelWave?s acquisitions helped build functionality into its software platform.
ChannelWave?s seed round in July 1998 brought in $1 million. The first institutional round of financing was in May 1999 with $6.5 million. In January 2000, ChannelWave?s second round brought in $23.5 million.
The firm?s most recent $26.5 million deal money will be used for product development. It also plans to be very aggressive in expanding globally into vertical markets.
Christian Heidelberger, ChannelWave?s chief executive, sees this funding as a testament to the management team. “It?s been a difficult fund-raising environment, I?ve been on the road since before Thanksgiving. It took me a quarter longer than I?d hoped.”