Marketing automation startup Mautic announced Tuesday it had raised over $5 million in funding, led by heavyweight investors G20 Ventures and Underscore.VC, a relatively new Boston-based venture capital firm.
The two firms led Mautic’s $600,000 seed round earlier this year and said they wanted to invest more after seeing promising early-stage activity including over 50,000 downloads of Mautic’s free software and thousands of developers contributing to its products around the world.
Mautic also announced it would be bringing on Matt Johnston as the new CEO by the end of 2016. Johnston is currently the chief marketing and strategy officer at Framingham-based Applause.
With its new round of funding, Johnston said the company will focus on growing its product suite and hiring employees to build out its engineering team and customer support staff.
Some of the new hires are expected to go to Mautic's Boston offices, with others heading to the startup’s Raleigh offices.
Founded in 2014 in Burlington, North Carolina, Mautic moved its headquarters to Boston in 2016 to have access to top tech talent. The startup provides free and open marketing automation software (email, social and more) to agencies and businesses so they can develop and deploy digital marketing campaigns.
Johnston told Built In that Mautic hopes to sell its marketing automation software called Mautic Cloud 2.0 to mid-level companies and higher (firms that have 250 employees or more), accessing the upper end of the market in the marketing automation space.
Bostonians might be wondering: how will Mautic set itself apart from other digital marketing companies like HubSpot?
According to Johnston, Mautic has the speed of a young, lean startup.
"We're not burdened by legacy code or companies or customs," Johnston said. "Our open source model allows us to release new products much more rapidly — every few weeks rather than a couple times a year."
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