Klaviyo, a Boston-based email marketing firm founded in 2012, went about building its email marketing business the old fashioned way. First it built a profitable company, then it went looking for funding to accelerate the growth. Today, it announced a massive $150 million Series B with the entire sum coming from Summit Partners.
The company had raised just $8.5 million before today’s announcement. Co-founder Andrew Bialecki wrote in a blog post announcing the funding that they decided to bootstrap for the first several years because they felt it was the right way to build a business — that, and they had no idea how to raise money.
“We came from families that started small businesses from scratch and ran them for decades. They may not have been huge, but they were real, lasting businesses. We wanted to try to build something like that. The second reason is much less idealistic. We had no idea how to raise money,” he wrote in the blog post.
What is the company doing to warrant such a huge investment? It has created an email marketing platform, which in and of itself is not that special, but what the company has done that it feelsRead the rest of this post here