Bizo Announces $6 Million of Funding Led by Bessemer Venture Partners
Existing investors Venrock, Vulcan and Ascent join funding round; leading online B2B display advertising network also selected as 2009 Amazon Web Services Start-Up Challenge finalist
SAN FRANCISCO, Dec. 2 /PRNewswire/ -- Capping off a year of exponential growth, the leading online B2B audience targeting platform and advertising network Bizo (www.bizo.com) today announced the completion of a $6 million round of equity financing led by Bessemer Venture Partners. Existing investors Venrock, Vulcan and Ascent also participated.
Bizo will use the funding to accelerate its growth in the B2B audience data space by increasing its sales and marketing teams and investing in product development to further refine the capabilities of its proprietary Bizographic Targeting Platform. The platform allows B2B marketers to learn more about the business-oriented demographics of their audience and target them more precisely, while preserving their anonymity. American Express, Hoover's and JPMorgan Chase are Bizo's top clients.
"We are thrilled to have the support of Bessemer and our existing investors as we improve our ability to gather, clean, optimize and anonymize data for business traffic targeting," said Russell Glass, Bizo CEO. "These funds will allow us to keep pace with the growing demand for targeted online marketing to business professionals."
Bizo also announced that it has been named a finalist in the third annual 2009 Amazon Web Services (AWS) Start-Up Challenge, a competition seeking the most promising start-ups using AWS to build their infrastructure and business. As one of seven companies selected from thousands of entrants, the grand prize winner will be announced in Sunnyvale, Calif., on Dec. 9.
In recent months, Bizo has announced several key business partnerships. In November, the company teamed with U.K.-based The Digital Partnership, a B2B digital advertising network, which now can target more than 6 million unique business users in the U.K. and more than 45 million globally using the Bizographics platform. In October, interCLICK became the first online ad network to join Bizo's Premier Data Reseller Program, allowing interCLICK to use Bizo's audience targeting data to serve online ads to its audience, whether they are on a B2B web site or virtually anywhere else on the Internet.
Bizo also has:
- Grown its B2B audience network to over 45 million targetable business people per month
- Increased revenues by more than 500 percent in 2009 compared to 2008
- Added over 50 clients and 300 publisher sites in 2009
- Achieved a cash renewal rate in excess of 150 percent with its customers
- Offered an average net CPM of more than $3.00 to its publisher partners
With the Bizographic Targeting Platform and its growing network of publisher sites across the Web, Bizo provides access to the largest targetable audience of business professionals, based on key demographics such as industry, company size and location, on the market today.
"At a time when advertisers are taking a closer look at campaign effectiveness and ROI than ever before, Bizo's ad targeting approach ensures that B2B marketers are reaching the right audience every time," said Byron Deeter, a partner at Bessemer Ventures Partners. "Russell and his team have accomplished what has long been needed in the B2B marketing space, and we at BVP are excited to be able to support the next steps in their success."
Bizo formed as a spinoff of ZoomInfo's bizographic advertising business in May 2008. "The decision to invest in Bizo was a no-brainer," said Michael Tyrrell, a partner at Venrock. "Since spinning off from ZoomInfo less than two years ago, Bizo has proven its value to the market as the expert in B2B online advertising."
To learn more about Bizo's online B2B digital advertising platform and network, visit www.bizo.com.
About Bizo (www.bizo.com)
Bizo, Inc. is the world's first targeted B2B audience targeting platform and advertising network, and currently reaches more than 45 million targeted business people across thousands of sites on the web. Bizo has created a new approach to online B2B marketing with precise ad targeting that's based on a prospect's bizographics -- industry, functional area, seniority, size of company, education, gender, location and more. This unique understanding of a person's bizographics allows Bizo to anonymously deliver powerful ad targeting based on these attributes and behaviors. Bizo is privately held and based in San Francisco, CA.
About Bessemer Venture Partners (www.bvp.com)
Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Mumbai, and Tel Aviv. As the nation's oldest venture capital practice, Bessemer has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign, and W.R. Grace. Over the last century, Bessemer Venture Partners and its predecessor funds have invested in more than 100 companies that have gone public on exchanges in Canada, India, London, and the United States. To learn more, visit www.bvp.com.
SOURCE Bizo, Inc.
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