NEW YORK, June 7, 2012 /PRNewswire/ -- Magnetic (www.magnetic.com), the leader in search retargeting, today announced an investment of $10 million in Series B funding, led by private equity firm Edison Ventures. Other participating investors include IA Capital Partners, NYC Seed, NYC Investment Fund, Jonathan Kraft, Neu Venture Capital and Charles River Ventures.
Magnetic combines the power of search with the scale of display advertising, bridging the gap between search performance and targeted display media. Through search retargeting, Magnetic reaches consumers who have signaled purchase intent where they spend 96% of their time – on news sites, blogs, e-commerce sites and social networks.
Since taking the helm in October 2011, CEO James Green has employed an aggressive growth strategy, increasing the employee base from 23 to over 40 and opening sales offices in Detroit, Chicago and Los Angeles. With this new investment, Magnetic will have the means to further its mission to drive better display ad performance and expand search campaigns for marketers, while also further accelerating growth and supporting innovative product development.
"We are thrilled to have this financial backing as it is a testament to the growing category of search retargeting," says Green. "Having previously worked with Edison Ventures, they are a great supporter and I am looking forward to the increased opportunities that it will afford us."
Prior to joining Magnetic, Green worked with Edison when the company invested in Giant Realm, a vertical ad network in which Green was CEO before selling the company to Burst Media in October 2009.
"Magnetic offers more branding and marketing options with search retargeting than are possible with traditional SEM on the major search engines," says Ryan Ziegler, Edison Ventures Principal. "We are confident in this investment and are looking forward to the future."
Magnetic recently announced its outstanding momentum in 2012, exceeding a 500% year over year revenue growth.
Magnetic combines the power of search with the scale of display advertising, reaching consumers who have signaled purchase intent where they spend 96% of their time – on news sites, blogs, e-commerce sites and social networks. As the partner of choice for hundreds of brands, Magnetic's search retargeting capabilities and proprietary keyword generation solution power both brand awareness and direct response campaigns, enabling advertisers to target and engage users outside of the search engine with creative messages.
Headquartered in New York City, Magnetic also has offices in Los Angeles, Chicago and Detroit. For more information please visit www.magnetic.com.
About Edison Ventures
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, New York, NY, McLean, VA, Needham, MA, and Cleveland, OH. Industry specialties include Financial Technology, Healthcare IT, Interactive Marketing and eCommerce and Enterprise 2.0. Edison's successes include Cambridgesoft, Dendrite, Gain Capital, Liberty Tax, Marcam, M5, Mathsoft, Neat, Octagon, PlumChoice, Tangoe, Virtual Edge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $900 million and is actively making new investments. For more information on Edison Ventures, please visit www.edisonventures.com.