Boston start-up’s pedigree attracts big venture firms
Three former colleagues from Endeca Technologies who joined forces to found the technology start-up Salsify Inc. have attracted backing from two powerful Boston venture firms, Matrix Partners and North Bridge Venture Partners.
The firms will invest $8 million into Salsify to help the company continue growing and working on its marketing automation software. It is the first round of venture capital funding for the start-up.
Salsify is among the young companies that have spun out of Endeca Technologies, which was acquired by Oracle Corp. for $1 billion in 2011. Other spinoffs include new Boston-area start-ups Toast Inc., Infinio Systems Inc., Parallel Wireless Inc., and Kyruus Inc., among others.
“Endeca did an incredible job of attracting entrepreneurial-minded people,” said Jeremy Redburn, a founder of Salsify who previously ran product management and marketing at Endeca. Redburn and co-founder Jason Purcell both left Endeca last year September, following the Oracle acquisition. The other founder, Rob Gonzalez, left in 2010.
Endeca was known for its engineering talent, and that pedigree helped the company attract big name investors.
“I would have written them a check much earlier,” said Michael Skok of North Bridge, a Waltham firm.
Salsify also counts itself among the growing number of tech start-ups taking root in Boston’s Financial District. Its first office was nearby in Chinatown.