The Series E funding round led by investors including Silver Lake comes not long after the startup made headlines when its board fired co-founder and then-CEO Justin Zhu.
Marketing technology companies have also been raising new funding in recent weeks. Today, the location marketing firm Uberall announced a $115 million Series C round, and last week the content management platform Contentstack raised $57.5 million for its Series B.Boni says he first got the idea for Iterable during his time at Google, where he worked on the company’s AdSense software.
Iterable’s funding round was originally planned to be announced in mid-April. However, later that month, it fired Zhu for “multiple violations of Iterable’s Employee Handbook, policies and values by Zhu,” according to a company spokesperson. The spokesperson didn’t elaborate on the reasoning, but said Iterable’s board “took prompt action upon learning of the issues.
“There is a problem in Silicon Valley,” Jung wrote in an email. “IPO-stage companies often seek to replace East Asian CEOs with white CEOs. By any measure, the company was incredibly successful under Justin’s leadership.
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