TechCrunch April 21, 2014
AdRoll, a pioneer of online advertising retargeting (the technology that pushes you ads for products that you have viewed online previously), is today announcing a major round of funding: $70 million, which AdRoll plans to use to capitalise on the current surge of interest in ad tech as a way of getting better return on dollars invested in digital marketing. The round is one of the biggest for an ad tech startup in the last year.
Aaron Bell, CEO and co-founder of the company, tells me that the Series C financing will be used for acquisitions, to expand its product (mobile is a key focus), and to grow its footprint globally. The company had a revenue run-rate of $100 million in October 2013, and Bell says that it’s on track now for $150 million, with some 15,000 customers using its technology, “those who are interested in reaching customers wherever they happen to go,” in his words.
This new round was led by existing investor Foundation Capital, with participation also from several new investors such as Institutional Venture Partners (IVP), Northgate Capital, Performance Equity and Glenmede; as well as existing investors Merus Capital, Accel Partners and Peter Thiel. Eric Liaw of IVP is also joining AdRoll’s board as a board observer. The funding brings the total raised by AdRoll to $89 million.
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