The venture capital investors were Palo Alto-based Technology Crossover Ventures and Waltham, Mass.-based Polaris Venture Partners. Polaris led TechTarget's $30 million Series A funding round in March 2001.
TechTarget said it plans to use the funds to continue its organic growth, fund acquisitions and expand internationally.
The company also announced that Jay Hoag, founding general partner of Technology Crossover Ventures, will join TechTarget's board of directors. The TechTarget board currently includes Polaris Venture Partners' Managing General Partner Alan Spoon, EMC Co-Founder Roger Marino, United Communications Group Founder Bruce Levenson and Greg Strakosch, CEO of TechTarget.
In a statement, Strakosch hinted that the move is in part designed to build mass, often a prelude to an initial public offering. "This funding represents the best of both worlds for TechTarget," he said. "We now have the valuation and balance sheet of a public company, while we retain the strategic benefits of a private company."
"When you bring in this much venture capital money, there needs to be an exit, and an IPO is a very viable alternative for us," Strakosch said, in an interview. "It's a testament to the strength of our business, and it's a testament to the optimism we have about the opportunities ahead of us," he said of the latest round of funding.