DiscoverOrg, the Vancouver-based provider of market intelligence information to businesses, is about to launch another growth spurt.
The 230-employee company will announce Tuesday that it has secured an undisclosed investment from several major investment firms. Those include Goldman Sachs Business Development Co., NXT Capital, Silicon Valley Bank and Antares Management.
Henry Schuck, DiscoverOrg’s co-founder and CEO, said the investment group chose not to release the funding amount, which he said was at least a seven-figure number. “We’re not a company that needs this cash to survive,” Schuck said. “With or without this funding, DiscoverOrg has a long future. We wanted to bring this caliber of investor to the table.”
The new investment is on top of another cash infusion — a growth equity investment in 2014 by TA Associates and 5W Capital.
Since its inception, DiscoverOrg has provided high-quality sales data to companies that sell to corporate information technology departments. It broadened last year into international markets in Europe, the Middle East, Asia, and Latin America and it has expanded its datasets to encompass a growing number of professional fields.
Founded in 2007, the company last year earned more than $50 million in annual recurring revenue. Schuck said he projects a 40 percent to 60 percent revenue increase this year.
When it relocated early last year from the EastRidge Business Park to the 805 Broadway building downtown, it took over the building’s ninth floor and half of its eighth floor. Next month it will expand into the rest of the eighth floor.
With its cash infusion, DiscoverOrg said it will strengthen its existing offerings and add new products. One of its projects is to build its recently launched TEDD, or Technology, Engineering, Development and Design, dataset. The company will also expand its datasets that provide detailed contact information about corporate sales and human resources departments. It also intends to rapidly expand its information technology, marketing, and finance datasets.
The company also plans a staff expansion. Schuck said he hopes to double the size of the company’s engineering team, which how has 20 employees.
Editor’s note: This article was changed to state that the investment was “at least” seven figures.