ExactTarget secures $70 million venture capital investment

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Indianapolis—In one of the biggest venture capital deals of the year, e-mail marketing company ExactTarget has secured $70 million in new funding from three venture capital companies. ExactTarget plans to use the money to fund continuing growth, including expanding internationally.

The round of financing comes from Battery Ventures, Scale Venture Partners and Montagu Newhall Associates. With its new funding, ExactTarget said it has delayed its plans for an initial public offering.

With venture capital funding slowing considerably this year, the ExactTarget deal far outstrips a handful of biotech and medical-device placements in the first quarter, and is second only to the $75 million secured in April by human resources software company Workday Inc., according to Thomson Reuters.

The microblog Twitter secured $35 million in venture capital funding in February.

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