Acquia Scores $50M in Series F Funding [May 27, 2014]
By Barb Darrow
Acquia, the company building a commercial business around the open-source Drupal content management technology, now has $50 million in new funding, bringing total investment to a tidy $118.6 million.
The cash influx will be used to build out sales and marketing — including adding more channel partners – and to push the use of the product in personalized marketing commerce applications, according to a statement.
The round, disclosed in a blog post by Acquia CTO and co-founder Dries Buytaert, was led by new backer New Enterprise Associates, with participation from Split Rock Partners. Existing investors North Bridge Venture Partners, Sigma Partners, Investor Growth Capital, Tenaya Capital, and Accolade Partners also participated.
The Burlington, Mass. company looks to be on the road to an IPO and just brought Bill Sorenson on board as CFO, according to BostInno. Sorenson helped shepherd Qlik Technologies and Blade Logic through IPOs of their own.