Bunchball, an online gamification solutions provider, has raised a $6.5 million round of funding from Triangle Peak Partners (led), Northport Investments, Correlation Ventures and Granite Ventures. The company previously raised a $2 million Series A round in 2006 and a $4 million Series B round in 2008 from Granite Ventures and Adobe Ventures. Bunchball, founded in 2005 by Chief Product Officer Rajat Paharia, maintains that it tracks 2.5 billion actions and touches 70 million users per month.
BUNCHBALL CLOSES $6.5 MILLION IN NEW FUNDING
SAN JOSE, CALIF. – JUNE 13, 2011 – Bunchball, the pioneer and market leader in online gamification solutions, announced today that it has closed $6.5 million in additional financing, led by Triangle Peak Partners. Northport Investments, Correlation Ventures and previous investor Granite Ventures also contributed to the round, joining existing investor Adobe Ventures. The additional funding will fuel the company’s growth through investments in product development, marketing and sales, as well as expansion into the B2B, loyalty and incentive market segments.
Bunchball’s Nitro platform provides the industry’s most comprehensive gamification solution. By implementing gamification across websites, Facebook and mobile applications, businesses can engage their users and reap tangible business benefits, such as increased loyalty, participation and time spent on site. The company has experienced explosive growth over the past year and has doubled its customer base. Most recently, the company bolstered its executive roster with four new hires that will help lead the company’s growth strategy.
“We’ve watched the gamification space very closely during the last 12 months, and Bunchball has emerged as the clear leader,” said Michael C. Morgan, co-founding partner and CEO, Triangle Peak Partners. “Bunchball’s technology, team and client base give them a huge advantage in a very compelling market, and we’re excited to team up with them.”
“Bunchball has cemented its place as a trusted partner and leader in the gamification space,” said Tyson W. Morgan, partner, Northport Investments. “Its best of breed solution continues to attract world class customers, and its ongoing focus on extending and enhancing its offerings will allow Bunchball to dominate target markets like media, brands, loyalty and incentives.”
“We’re very pleased to be joining Granite Ventures, Northport Investments, Triangle Peak Partners, and early investor, Adobe Ventures, in backing such a promising company,” said Trevor Kienzle, managing director, Correlation Ventures.
“We’re thrilled to welcome these three new investors to the Bunchball team,” said Jim Scullion, CEO, Bunchball. “We didn’t set out to raise this much capital, but the combination of these firms and their expertise will be a huge asset as Bunchball aggressively extends our leadership in the gamification market.”
The gamification market is expected to grow to $1.6 billion in 2015, from $100 million in 2011 according to eMarketer research.
ABOUT TRIANGLE PEAK PARTNERS
Triangle Peak Partners, L.P. is an investment firm focused on venture capital and private equity investments in private and public companies in the technology, energy and alternative energy sectors. The firm has over $300 million in assets under management, $165 million of which is in venture capital and private equity, and has offices in Carmel, Palo Alto and Houston. For more information, visit http://www.trianglepeakpartners.com/.
ABOUT NORTHPORT INVESTMENTS
Northport Investments, LLC is a private equity firm specializing in late stage, growth equity investments in technology, digital media and alternative energy companies. Northport Investments was founded in 1997 and is based in Northfield, Illinois. For more information, visit http://www.northportinvestments.com/.
ABOUT CORRELATION VENTURES
Correlation Ventures leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages—from seed through late stage. Correlation Ventures has offices in San Diego and Palo Alto, California. For more information, visit http://www.correlationvc.com.
ABOUT GRANITE VENTURES, LLC
Granite Ventures has been helping early-stage technology companies build solid foundations for success since 1992. Granite has managed over $1 billion in venture capital and has invested in more than 100 private companies. They partner with promising and successful entrepreneurs to create businesses that have a competitive edge, and help those businesses achieve category leadership. More information can be found at http://www.granitevc.com.
Bunchball is the industry leader in gamification, an innovative way of optimizing online user engagement through the application of game mechanics to websites, portals and online communities. Its Nitro gamification platform enables businesses to track and reward participation across websites, mobile applications and social media by creating compelling, meaningful and enjoyable experiences, leading to increased loyalty and revenue. Bunchball works with some of the world’s leading brands and media companies, including Warner Bros., Comcast, USA Network, LiveOps and Hasbro. These companies use Bunchball’s Nitro gamification platform, and its powerful analytics solution, to create customized, actionable and scalable experiences for consumers, employees and partners. Based in Silicon Valley and founded in February 2005, Bunchball’s investors include Granite Ventures, Triangle Peak Partners, Northport Investments, Correlation Ventures, and Adobe Systems Incorporated. For more information, visit Bunchball online at www.bunchball.com.