HubSpot has announced a Series B round of funding led by SoftBank and China Investment Group.
The company will use the cash to further its efforts to deliver a new and exciting digital marketing strategy that delivers personalized experiences for people in India.
The new strategy will be launched later this year and will leverage its proprietary technology platform, HubSpot Platform.
HubSpot CEO and founder Mark Mulligan told Digital Trends that the Series B will enable HubSpot to build an audience that will grow with every new HubSpot product.
“With this Series B, Hubspot will also be able to deliver new products that can connect with people across India, and expand our reach to more countries,” Mulligan said.
The Series B comes at a time when HubSpot is facing a growing challenge to monetize its core business, which includes digital marketing.
The company recently announced it will no longer be monetizing in-app purchases, a move it blamed on the company’s inability to provide an easy way to monetise.
“The reason for the decision is that we are not able to offer a way to generate revenue from our in-store experience, which we believe is the primary driver of our sales,” Mulliggan said.
While the new investment will help HubSpot improve its digital strategy, it is not clear how much the company will spend on its marketing. “
In short, the HubSpot platform is an important part of our business strategy, and we will continue to be focused on building an innovative platform that is tailored for the needs of our user base.”
While the new investment will help HubSpot improve its digital strategy, it is not clear how much the company will spend on its marketing.
In its most recent quarter, the company said it sold 6 million HubSpot branded apps, but declined to provide further details about how it will make money from those sales.
“Our focus is on continuing to improve our platform and grow our ecosystem with more products and services that are tailored to the needs and preferences of our customers,” Mulligans said.