Performance Horizon closes $15.4m Series C funding round

Newcastle firm, Performance Horizon has completed a funding round from the Greycroft Growth fund alongside additional investments from existing investors, including Mithril and DN Capital.

Performance Horizons, which closed a $10m Series B round in September 2014, provides SaaS solutions to allow brands to connect with their marketing partners directly.

Established in South Shields five years ago, Performance Horizon enables brands to drive online sales with a scalable, end-to-end digital marketing partner solution that includes tracking, reporting, global payment capabilities and partner management.

Working with names like Google and British Airways, the last year saw its net revenue soar to just under $10m – a figure management is confident it can double in 2016. The business, which deals with roughly £3bn of transactions annually, is likewise hoping to double its headcount from 100 to 200 over the next 12 months.

The company previously enjoyed a major growth spurt after raising $10m in a Series B round in September 2014. It has also received backing from Silicon Valley Bank.

“Enterprises are investing heavily in performance marketing technology as a way to efficiently increase their digital sales and maximize their marketing budgets. By leveraging our global technology and services platform, our customers can rapidly build out revenue-generating partnerships around the world,” said Malcolm Cowley, CEO of Performance Horizon, adding: “This financing allows us to invest even faster in this huge market opportunity and execute on the next phase of our vision.”

Ian Sigalow, partner at Greycroft Partners, spoke about his firm’s decision to invest in the company.:“We have seen huge tailwinds behind digital partner marketing in our own portfolio of ecommerce companies as well as within the world’s largest enterprises. In the last five years, Performance Horizon has positioned themselves very well as the only provider that can really serve large, global enterprises through a highly scalable SaaS solution.”