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Today, we are announcing that Michael Simon, CEO of LogMeIn, is joining our board of directors, and Gail Goodman, CEO of Constant Contact, is leaving our board of directors.
Michael is the founder/CEO of LogMeIn and has done a masterful job of growing it from a private, pre-revenue startup to a public market leader with more than $100 million in revenue and nearly $1 billion in market cap in just eight years.
Customer success is what drives the long-term success of HubSpot in its mission to transform how businesses do marketing. In our four years of inbound marketing growth, we have been motivated to perform exceptionally thanks to the ongoing support of our customers, partners and employees.
We started HubSpot three years ago based on two major changes we saw happening. The first change was that people are getting sick and tired of being interrupted with traditional marketing techniques like email blasts, cold calls, advertising, etc and are getting better and better at blocking them out using things like spam protection, callerID, DVR's, etc. The second change is that people learn and shop in a whole new way, living in Google, blogs, and social media sites like Twitter, Facebook, and LinkedIn. What we set out to do with HubSpot was to help marketers transform from interrupting their potential customers with outbound marketing (email, cold calls, ads) and instead, take advantage of the new way folks shop and learn to pull them in with inbound marketing (Google, blogs, social media, etc). Well, it turns out we had a pretty good idea as over 2,300 customers have purchased our product and over 20,000 people have purchased our Inbound Marketing book.
I have been watching MadMen recently and it is remarkable how much corporate culture has changed in the last 50 years. I suspect 50 years from now, someone will build a hit show that pokes fun at today's corporate culture. At HubSpot we are building a forward looking culture that is routed in the future, not the past. To that end, we announced our new vacation policy this week. Our new vacation policy is that there is no vacation policy, no paid time off forms, no vacation rollover, nothing. If people want to take time off, they can take time off.
Today we are announcing that HubSpot closed $16 million Series C round of financing. The round was led by Scale Venture Partners on the West Coast with full participation by our great, existing investors, Matrix Partners and General Catalyst Partners. Just as we saw a large increase in valuation on our Series B financing, we saw another large increase in valuation on our Series C financing.