AdRoll Raises $15 Million to Bring Retargeting to All Brands Funds to Accelerate Product Development and Expand on Exceptional Growth
SAN FRANCISCO, July 11, 2012 /PRNewswire/ -- AdRoll, the most widely adopted retargeting platform, today announced that it has secured $15 million in a financing round led by Foundation Capital and joined by previous investors Merus Capital and Accel Partners. Charles Moldow, general partner at Foundation Capital, will join the board.
The funds will be used to further develop AdRoll's data-driven advertising technology and to scale the business to meet overwhelming demand from enterprise, mid-size and small organizations for effective and easy-to-use retargeting solutions.
The announcement comes at a time of significant growth for AdRoll and for the retargeting space, the brightest spot in the projected $200 billion display advertising industry. Retargeting has become a "must have" marketing channel for every online business, and AdRoll's innovative platform approach has allowed the company to attract the largest customer base while maintaining a retention rate of 97 percent. The company now supports over 5,000 customers worldwide and is adding almost 500 new customers per month. Led by a team with backgrounds at Google, Microsoft, PayPal, and NASA, AdRoll grew revenue over 400 percent in 2011 to achieve profitability, and was recognized as the fastest growing ad technology of the year.
"Our core strength has always been a fanatical devotion to product innovation, which has led to our large and enthusiastic user base. With the new resources, we are excited to further shape how all brands collect, analyze and act on marketing data," said Aaron Bell, founder and CEO at AdRoll. "We've found a world-class match with Foundation Capital, which has robust operational experience as well as a rich history of backing innovative ad tech and SaaS companies."
"AdRoll has taken the retargeting space by storm," said Charles Moldow, general partner at Foundation Capital. "Nearly every brand selling goods or services online now recognizes retargeting as an essential marketing tool, and AdRoll has the best-in-breed platform and visionary team to execute at massive scale. We are excited to come onboard as a partner to take this journey together."
AdRoll has rapidly innovated its product suite, as seen with the launch of LiquidAds, the first dynamic ad solution to require zero customer integration, and the launch of the industry's only end-to-end retargeting API. On the roadmap, the company will invest in increasing real-time inventory reach and rolling out new easy-to-use, high performance products in mobile, video and social. Last month, AdRoll was selected as one of the first companies cleared to run ads on the newly announced Facebook Exchange. In addition to expanding product offerings, AdRoll will grow the team into their 24,000 square-foot downtown San Francisco headquarters and open new domestic and international offices.
AdRoll is the largest retargeting platform with over 5,000+ active advertisers in the US and around the world. With a 97 percent customer retention rate, our mission is to make powerful performance advertising techniques simple for businesses of all sizes. AdRoll's software-as-a-service platform provides unmatched transparency, cross-platform reach across the largest display inventory sources, and innovative tools that personalize ad campaigns based on a visitor's shopping behavior. This advanced retargeting technology, as well as behavioral and site-targeted campaigns, ensures that advertisers get maximum return from their online advertising investment. AdRoll is backed by leading investors such as Merus, Accel, Peter Thiel, and Foundation Capital. For more information, please visit www.adroll.com.
About Foundation Capital
At Foundation Capital, we're dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. We helped Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. We're currently invested in more than 80 high growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology. Recent public offerings of companies we helped found or grow include Responsys, Financial Engines and Envestnet. For more information, please visit www.foundationcapital.com.
Contact: Erin Lockhart, PR Manager at AdRoll, +1-408-334-5463, email@example.com