Why InterWest and Bruce Cleveland backed Marketo when nobody else would
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
Marketing automation company
Marketo's stock has jumped nearly 170 percent since it went public in May,
making early investors at InterWest Partners very happy.
The firm owned about a third of the
San Mateo company led by CEO Phil
Fernandez before the IPO and still owns a nearly 27 percent stake. InterWest
partner Bruce
Cleveland talked to me recently about why InterWest made that bet back in
2006
He said the investments happened,
in part, because Marketo's vision fit neatly into a thesis he held when he was
part of the founding team at Siebel Systems. He jumped to venture investing when
Siebel was bought by Oracle, a company where Cleveland had previously been an
exec. His experience also includes stints at Apple and AT&T.
Here are excerpts of that conversation:Talk to me about why you and InterWest backed Marketo in its early days, when it wasn't such a popular investment.
I have made a deliberate effort since we sold Siebel to Oracle and coming over to InterWest Partners, to invest in a strategy that was formulated while we were going to transform Siebel into its next generation of products.
The idea behind that was to build a suite of analytic applications that would enable companies to optimize their revenue supply chain. Think about a revenue supply chain as marketing, sales, service and support.
The idea was to build on top of the enterprise transactional CRM system that we had built but to be able to apply information at the moment of value — when a sales rep needed to make a forecast, or a marketer needed to be able to generate a campaign, or service and support personnel needed to address the customer's issues. It would use the technical assets, the enterprise transactions that were stored in the CRM systems and be able to go what we call last mile which was to enable people to make better business decisions with better empirical guidance.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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