Israeli Folloze sees itself as a market leader in “account-based marketing,” or ABM
Israeli marketing startup Folloze announced on Thursday that they have raised a $7.3 million Series A funding round, co-led by Canvas Ventures and their lead seed investor New Enterprise Associates (NEA). Cervin Ventures and a few other unnamed participants also jumped in. The company purports to focus on so-called “account-based marketing” (ABM), an industry term that would be hard to differentiate with conventional marketing strategies.
One way of explaining it is that ABM tries to integrate — or to integrate better — those responsible for direct sales with the people working on the overall marketing strategy of the company, at least according to Folloze’s statement to the press that says ABM represents “a new ‘contract’ between marketing and sales aligning on target strategy, target accounts and execution.”
“ABM and this new set of practices and technologies will prompt a fundamental revolution of B2B marketing over the next decade,” said Folloze CEO Etai Beck. “The opportunity is huge, both from a customer ROI (return on investment) and from a buyer value proposition. We are delighted to see such highly regarded investors supporting this vision and our path to empower the digital salesperson.”
Coming from outside the marketing industry, this is a subtle difference in style. But for people in the game, they claim it is making all the difference in putting together the often elusive go-to-market strategy that gets their clients’ products into the hands of new customers.
“ABM adoption is rapidly accelerating and has gained fast acceptance in B2B: more than 70 percent of B2B companies have staff that are fully or partially dedicated to driving ABM-specific programs,” according to SiriusDecisions’ 2016 report on ABM, cited by Folloze. “Additionally, 58 percent have a pilot or test program and 41 percent have a full program in place.”
Canvas Partner Gary Little was enthusiastic about Folloze in that context, saying, “Sales organizations typically don’t trust the value of marketing generated leads. In contrast, companies adopting Account Based Marketing are using Folloze to create highly personalized sales campaigns for Account Executives tasked with penetrating named major accounts.”
Folloze was founded in 2013. They have offices in Tel Aviv and Palo Alto, and last raised $3.3 million for a seed funding round in April 2015.