August 9, 2007, 12:00 AM

Compete gathers more funds to speed product development

Web analytics vendor Compete has closed a $10 million round of funding. The Series III round was led by Commonwealth Capital Ventures and includes previous investors.

Web analytics vendor Compete Inc. has closed a $10 million round of funding. The Series III round was led by Commonwealth Capital Ventures and includes previous investors Charles River Investors, North Hill Ventures, William Blair Capital Partners VII LLP and Split Rock Partners. Compete plans to use the funds to accelerate product development.

“With the continuing growth of our client base and the explosion of interest from marketers in web analytics, this is a great time for Compete to expand our core set of offerings and increase our visibility,” says Don McLagan, Compete chairman, president and CEO. “This round of funding will help us capitalize on the rapidly growing marketplace for web analytics.”

Founded in 2000, Compete’s clients include Hyundai Motor America, Upromise, DaimlerChrysler and Verizon Wireless. Commonwealth Capital Ventures is a venture capital firm focused on software, Internet and new media, communications technology, and instruments and systems investments in the Northeastern United States.

Commonwealth Capital Ventures general partner Steve McCormack will join Compete’s board of directors. “Compete has all the components of a great investment: innovative products and services, a dynamic and rapidly-growing market, and a world-class management team with the experience to execute successfully,” McCormack says.

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