Infusion Soft

Deal Snapshot

Company: Infusionsoft, Inc. now known as Keap

Website: www.keap.com

Sector / Category: CRM / sales and marketing automation / SMB software

Headquarters: Chandler, ArizonaF

ounded: 2001

Investor: Frazier VC

Investment Vehicle: Fund I

Deal Type: Secondary purchase

Company Overview

Infusionsoft, now known as Keap, provides CRM, sales automation, marketing automation, and customer management software built for small businesses. The platform helps companies organize contacts, automate follow-up, manage leads and sales activity, and streamline growth workflows in a single system.

Public Funding / Capital Events

Jan 7, 2013 — $54M growth capital financingInfusionsoft announced $54 million in growth capital led by Goldman Sachs, with participation from Arthur Ventures. The company said the financing would support product development, sales and marketing expansion, and partner and education programs.

Oct 6, 2014 — $55M Series D growth financing Infusionsoft closed a $55 million Series D round led by Bain Capital Ventures, with participation from Signal Peak Ventures and Goldman Sachs. The company said total capital raised had surpassed $125 million.

Sep 25, 2018 — $20M growth capital investment ORIX Growth Capital made a $20 million investment in Infusionsoft. Public reporting said the capital would help fund product development and market expansion.

Jan 29, 2019 — Rebranded from Infusionsoft to Keap The company announced its rebrand to Keap alongside a broader product evolution aimed at serving a wider small-business market. The legacy Infusionsoft product continued under the Keap brand architecture.

Oct 29, 2024 — Acquisition announced by Thryv Holdings Thryv announced a strategic acquisition of Keap to expand its SMB software offering. Public coverage valued the transaction at $80 million in cash.

Oct 31, 2024 — Acquisition closed Thryv announced that it had completed the acquisition of Keap. The combined company said it would have more than 100,000 SaaS subscribers.

Investment Summary

Frazier VC invested in Infusionsoft through Fund I via a secondary purchase in December 2014.

Why We Invested

Infusionsoft built a category-defining software platform for small businesses that combined CRM, marketing automation, and sales workflow tools in a single system. That integrated approach created meaningful switching costs because customer data, campaigns, follow-up logic, and revenue workflows all lived inside the product. The company also stood out through its deep focus on small business users, a large installed base, and a long runway for expansion as automation became more important to growing service-based companies. Its later rebrand to Keap and eventual acquisition by Thryv further reflected the strategic value of the platform and customer base.

Other Investors

• Goldman Sachs

• Arthur Ventures

• Bain Capital Ventures

• Signal Peak Ventures

• ORIX Growth Capital

• Mohr Davidow Ventures