Web analytics company TeaLeaf Technology has raised $12 million in Series C funding. It will use the capital to expand sales and marketing and to extend the use of its applications among existing customers.
Web analytics company TeaLeaf Technology Inc. has raised $12 million in Series C funding, the company reported today.
"This round of financing will enable us to capitalize on our strong market traction and achieve long-term financial success," said Frank Vaculin, TeaLeaf president and CEO. "The capital will be used to strategically expand TeaLeaf`s sales and marketing organizations, as well as support the extended adoption of our Application Integrity management platform within our current customer base."
The series was led by Bay Partners. Additional investors include Matrix Partners, Foundation Capital, and J.P. Morgan Investment. As part of this round, Bob Williams of Bay Partners has joined TeaLeaf`s board of directors.
“TeaLeaf is the emerging leader in web application management software with its innovative solutions," Williams said. "We were very impressed with the market reception to TeaLeaf and the way its products have been able to help leading businesses such as Bank One and Levenger increase the reliability of their web applications, reduce application support costs, and protect vital revenue streams."