CLEVELAND, July 27, 2011 /PRNewswire/ -- JumpStart, a nonprofit that invests in and assists high growth early stage companies in Northeast Ohio, announced an investment commitment of $250,000 in Segmint Inc. The Tallmadge, Ohio company is developing software that creates targeted advertising segments by gathering and analyzing customer purchasing behavior while keeping consumers' identities anonymous. JumpStart's commitment is part of a larger round with other Northeast Ohio angel investors.
Analytics driving today's online advertising are largely based on browsing behavior, which is not necessarily a predictor of purchase intent. Segmint's software analyzes actual purchase transactions, allowing it to offer online advertisers more specifically targeted and relevant consumer profile groups. While competitive analytics services can produce tens or hundreds of target groups based on browsing behavior, Segmint's software can produce thousands.
"Segmint's advanced, transaction-based data analytics, combined with its patent-pending methodology for delivering advertising – all while protecting consumers' identities – could be highly disruptive in the online advertising market," explained Jerry Frantz of JumpStart.
The company initially received seed funding from the Innovation Fund, founded by the Lorain Community College Foundation, and used the capital to establish operations. JumpStart's investment is expected to help Segmint rapidly advance business development efforts related to its expanding product offering.
"We are excited not only to get the validation and respect that comes with being a JumpStart company, but also to have the opportunity to work with their experienced group of entrepreneurs and executives who can assist us in our dramatically accelerating growth," said Rob Heiser, chief executive officer of Segmint.
This investment represents JumpStart's 81st investment in its 55th company.
Segmint Inc. is a technology company committed to facilitating online delivery of pertinent and compelling offers to customers of financial institutions through identification of customer spending patterns and Key Lifestyle Indicators (KLIs). Segmint's software enables anonymous spend analysis from a wide variety of data sources. Segmint intends to become a leader in transaction-based marketing, with the distinct advantage of being able to deliver the right message to the right customer at the right time, a Segmint of One.
JumpStart Inc. is transforming the economic impact of entrepreneurial ventures and the ecosystems supporting their growth. JumpStart assists diverse, Northeast Ohio-based, early stage companies that are positioned to excel in high opportunity markets. The nonprofit organization invests time and, in some cases, dollars, in promising companies that could go on to attract capital.