Tenon, Built on ServiceNow, Announces $8M Series A Funding to Propel Growth and Innovation for Marketers
Tenon, a marketing solution built on ServiceNow, has secured an $8M Series A funding round, co-led by High Alpha and StepStone Group, with additional investment from ServiceNow Ventures. This funding will enable Tenon to expand its team from 10 to 26 members and accelerate its product development roadmap. Launched in April 2023, Tenon aims to unify the entire marketing lifecycle by combining marketing work management with marketing automation. This integrated approach is designed to enhance efficiency and collaboration for enterprise marketing teams. The funds will also help Tenon to further develop its functionality for industries with complex marketing needs such as life sciences, insurance, healthcare, and finance.
- $8M Series A funding secured, co-led by High Alpha and StepStone Group.
- Additional investment from ServiceNow Ventures.
- Expansion of team from 10 to 26 employees.
- Acceleration of product development roadmap.
- Focus on unifying marketing lifecycle from work management to automation.
- Enhancement of efficiency and collaboration for enterprise marketing teams.
- Targeting industries with complex marketing processes: life sciences, insurance, healthcare, and finance.
- Integration with ServiceNow Sales and Order Management solution.
- Potential risk of shareholder dilution due to new funding round.
- Increased operational costs associated with expanding the team from 10 to 26 employees.
- Possible delays in achieving projected efficiency gains.
- Dependencies on integration with ServiceNow's platform may limit flexibility.
Insights
The $8 million Series A investment secured by Tenon signals significant investor confidence and potential for growth. High Alpha and StepStone Group's involvement, along with continued investment from ServiceNow Ventures, highlights strong financial backing. This influx of capital will allow Tenon to expand its team from 10 to 26 employees, indicating a rapid growth phase focused on product development. In the short term, this expansion could lead to increased operational expenses, but the long-term vision is to drive innovation in marketing automation, which could capture a substantial market share. For investors, this funding round is a testament to Tenon's viability and potential for high returns, assuming successful execution of their roadmap.
Moreover, Tenon's integration with the ServiceNow platform could create a competitive edge by offering a unified marketing solution. This strategic positioning could attract large enterprises looking for comprehensive marketing tools, thereby driving revenue growth. However, potential risks include market competition and the ability to effectively scale operations without compromising service quality.
Tenon’s development on the ServiceNow platform and its focus on end-to-end marketing solutions present a compelling technological advantage. The integration with ServiceNow Sales and Order Management is particularly noteworthy as it offers seamless connectivity across marketing and sales processes. This holistic approach aims to solve the fragmentation challenge many enterprises face by providing a single platform for collaboration, campaign management and workflow automation.
The product's configurability and integration capabilities make it a flexible tool for different industries, especially those with complex compliance needs like finance and healthcare. As a result, Tenon’s solution could become indispensable for enterprises looking to streamline their marketing operations. However, the success of these features depends on the robustness and user-friendliness of the platform, as well as the quality of customer support during this rapid scaling phase.
From a market perspective, Tenon’s solution addresses a important pain point for enterprise marketers: the need for integrated and streamlined marketing tools. The marketing automation market is forecasted to grow significantly and Tenon’s innovative approach places it in a strong position to capitalize on this trend. The focus on integrating project management with campaign execution could resonate well with enterprises seeking efficiency and improved ROI on their marketing efforts.
Additionally, the backing by prominent investors and the collaboration with ServiceNow’s Partner Solutions Center of Excellence lend credibility and could enhance market penetration. It’s also worth noting that Tenon's approach of combining marketing work management with automation is relatively unique, offering a competitive differentiation. However, market adoption will largely depend on how well Tenon can articulate and demonstrate its value proposition to potential clients.
Crafting the Future of End-to-End Marketing Excellence
Tenon has developed a solution at the forefront of marketing innovation that streamlines marketing work across the enterprise. Designed specifically with enterprise marketers in mind, Tenon simplifies marketing work and project planning with pre-built templates, agile marketing capabilities, goal setting, and collaboration features to maintain team alignment and amplify marketing outcomes.
With this investment and innovative approach, Tenon will connect the entire lifecycle of marketing initiatives. By bringing project management together with campaign execution through the addition of marketing automation, Tenon provides an all-in-one solution to help marketers drive their company initiatives forward.
"Despite having so many tools at their fingertips, marketers are underserved with solutions that can connect and streamline their work from a single platform," noted Tenon co-founder and CEO, Ben Person. "This funding will allow the Tenon team to combine marketing work management with marketing automation to unlock unprecedented efficiency gains for enterprise marketing teams.”
Launched in April 2023 out of venture studio High Alpha, Tenon has emerged as a top choice for marketing teams in leading enterprises, bolstered by its marketing work capabilities, configurability, and integrations with the rest of the sales and marketing technology stack. With this substantial
“This funding serves as a timely catalyst for Tenon to further enhance its enterprise marketing functionality, especially for teams dealing with complex marketing processes and compliance needs in sectors like life sciences, insurance, healthcare, and finance,” said High Alpha partner, Mike Fitzgerald. “We are thrilled to contribute to Tenon’s expansion and proud to continue our support as they redefine how enterprise marketers work.”
A Unified Vision for Enterprise-wide Marketing Efficiency
ServiceNow helps organizations streamline and automate work across front-, middle- and back-office teams to speed up issue resolution and drive efficiency throughout the lead-to-cash, installation, and service lifecycles. Tenon will integrate with the ServiceNow Sales and Order Management solution and serve as a connection point between sales and marketing, providing a unified platform for cross-functional collaboration. This, coupled with Tenon’s full-cycle marketing capabilities, will empower enterprise teams to foster seamless processes, share insights, and optimize efficiency across the customer journey.
"We’re proud to play a part in Tenon’s continued growth and share in their mission to drive innovation and productivity throughout the marketing lifecycle. The Tenon solution, which is built on the Now Platform, and future integration with ServiceNow Sales and Order Management, marks a pivotal moment for marketing and sales collaboration,” said Michael Ramsey, GVP, product management for Customer Workflows, ServiceNow. “By streamlining processes and facilitating cross-department communication on a single, AI-powered platform, businesses can unlock new opportunities for growth and collaboration and significantly improve the way marketing teams work.”
Tenon has collaborated with ServiceNow's Partner Solutions Center of Excellence to support the development of their Built on ServiceNow solution. This, combined with this phase of strategic backing, underscores a complementary vision for the evolution of the marketing landscape, underscoring confidence in Tenon's trajectory and its potential to reshape how enterprise teams work together.
"Tenon has cultivated a robust community around marketing excellence in a short time with new use cases shared every day. The company is well-positioned to transform the way enterprise marketing teams plan, collaborate, and launch impactful campaigns,” says Hunter Somerville, Partner at StepStone Group. "We look forward to partnering with the Tenon team as they continue to grow and expand their vision for the future of enterprise marketing."
Sign up at the Tenon Workshop to stay current with Tenon’s upcoming innovations in enterprise enablement and marketing automation.
For additional information on how Tenon is revolutionizing enterprise marketers' collaboration and creation, please visit www.tenonhq.com.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory, data, and administrative services to its clients. As of December 31, 2023, StepStone was responsible for approximately
About High Alpha
High Alpha, based in
About Tenon
Tenon is an innovative marketing solution built on the ServiceNow platform. Created specifically for enterprise marketing teams, Tenon provides a single solution for marketing teams to plan, collaborate, and deliver impactful campaigns with speed and at scale. With features such as Agile marketing, an interactive activity stream, project calendars, and pre-built marketing templates, Tenon empowers marketers to optimize operational efficiency and achieve their goals.
ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240521069185/en/
Jessica Skovira
Senior Director of Marketing, Tenon
jessica.skovira@tenonhq.com
Source: Tenon
FAQ
What is the amount of Series A funding Tenon secured?
Who led the Series A funding for Tenon?
How will the Series A funding be used by Tenon?
What are Tenon's future plans following the Series A funding?
When was Tenon launched?
What industries does Tenon target with its solutions?
How does Tenon integrate with ServiceNow?
