ON24 Takes $25M Investment From Goldman Sachs, Plans Expansion
ON24 is capping a strong year with a significant investment. The webinar marketing platform announced today that Goldman Sachs has invested $25 million in the company.
As a result of the investment, Holger Staude, vice president of Goldman Sachs's Private Capital Investing Group, will join the ON24 board of directors. Goldman Sachs believes in ON24's flexible and scalable cloud-based platform, which delivers webinars to large and small companies alike, he said.
ON24 plans on using the funds to drive growth in the U.S. and abroad, and to improve its product features.
This news comes at a strong time for ON24, as the company reported 70 percent year-over-year growth in 2015. Marketers are increasingly turning to webinars to educate their target consumers, ON24 says. The company now serves over 1,5000 B2B and B2C companies. It delivered over 60,000 webcasts in 2015, and streams more than 732 hours of content each hour. This year, the company is on target to deliver over 100,000 webcasts.
“In today’s volatile economic climate, more and more businesses are turning to the proven power of multimedia marketing, including video and webinars, to truly connect with prospective customers,” says Sharat Sharan, CEO and co-founder of ON24. “This funding will allow us to help businesses everywhere deliver billions of dollars in sales pipeline through our marketing platform.”
With rising travel costs eating into conference budgets, ON24's Virtual Show lets companies put on "virtual trade shows" accessible from any PC.
Mon., June 30, by Bill Greenwood
Investors are U.S. Venture Partners, Reuters Greenhouse Fund and CNET
ON24's Audio and Video News and Analysis to be Featured on Road Runner Financial Channel