AdRoll snags $70MN funding
Editor | 22-04-2014
Mainstream retargeting and mobile will be the focus areas for online advertising firm AdRoll after it secured $70 million in funding.
Led by Foundation Capital, investors in the round include Institutional Venture Partners (IVP), Northgate Capital, Performance Equity and Gleneden, who join existing investors Merus Capital, Accel Partners and Peter Thiel. In conjunction with the financing, Eric Liaw of IVP will be joining the AdRoll board as a board observer. Prior to this round, the company had raised a total of $19 million.
"Display advertising spend attributed to real-time bidding is projected to exceed $9 billion dollars by 2017," said Charles Moldow, general partner of Foundation Capital, commenting on the move. "A very select group of advertising technology companies is poised to capture the majority of that spend. We're eager to support AdRoll because they offer businesses of all sizes a single platform that unites all of their digital advertising channels and devices."
In addition to expanding its product portfolio and continue its global expansion plans, AdRoll plans to use the new investment to deepen its new cross-device offering to reach customers on mobile devices. The company recently launched AdRoll Retargeting for Mobile a single-console solution for advertisers who want to target desktop site visitors across social media, mobile apps and the mobile web. With mobile retargeting, advertisers can identify desktop user segments and target them across mobile devices to drive app installs and conversions through Facebook and Twitter.
The funding news coincides with a $150 million annualised revenue run rate for AdRoll, which now serves 15,000 customers in more than 100 countries. Commenting on the funding, CEO Aaron Bell said: "In just a few years, retargeting has become as essential as search engine marketing for every digital marketer. The new funding lets us hit the gas on our ambitious vision to more broadly become the one platform for companies to better understand their customers and reach them wherever they go. It's a pleasure to both bring back the close-knit investor team that has helped us scale and welcome new investors with exceptional late-stage and public experience.
"Leading companies across all verticals — including Zendesk, New Relic, and Alex and Ani — turn to AdRoll to engage returning and potential customers with relevant, data-based advertising across the Web, mobile devices, and social channels."