AdRoll, which helps brands with online targeting of ads, has raised a $70 million funding round led by Foundation Capital. Previously, the company raised $19 million in funding. The latest round also included new investors Institutional Venture Partners, SAB Capital, Northgate Capital, Performance Equity and Glenmede, as well as existing investors Merus Capital, Accel Partners and Peter Thiel. As part of the round, Eric Liaw of IVP has joined the board.
AdRoll Secures $70 Million to Accelerate Product Expansion & International Growth
Retargeting leader surpasses $150 million revenue run rate with 15,000 customers in over 100 countries
SAN FRANCISCO, Calif. – April 21, 2014 – AdRoll, the world’s most widely adopted retargeting platform, announced today that it closed a $70 million funding round led by Foundation Capital. New investors include Institutional Venture Partners (IVP), SAB Capital, Northgate Capital, Performance Equity and Glenmede, who join existing investors Merus Capital, Accel Partners, and Peter Thiel. In conjunction with the financing, Eric Liaw of IVP will be joining the AdRoll board as board observer. Prior to this round, the company had raised a total of $19 million.
“In just a few years, retargeting has become as essential as search engine marketing for every digital marketer and we’ve scaled the best service to make it effective and easy,” said Aaron Bell, AdRoll CEO. “The new funding lets us hit the gas on our ambitious vision to more broadly become the one platform for companies to better understand their customers and reach them wherever they go. It’s a pleasure to both bring back the close-knit investor team that have worked with us through incredible growth and welcome new investors with exceptional late-stage and public experience.”
Beyond expanding the product portfolio, including deepening its new cross-device offering to reach customers on mobile devices, AdRoll will use the new investment to build momentum around the globe while maintaining a consistently high level of customer service.
The funding news coincides with a $150 million annualized revenue run rate for AdRoll, which now serves 15,000 customers in more than 100 countries. Every month, AdRoll’s intelligent algorithms make more than 50 billion ad bidding decisions based on the shopping behavior of over 500 million unique shoppers.That’s more activity than even Amazon sees.
Leading companies—including Zendesk, New Relic, and Alex and Ani—turn to AdRoll to engage returning and potential customers with relevant, data-based advertising across the web, mobile devices, and social channels. “Retargeting with AdRoll is a key technology that we couldn’t live without. One of our most pressing concerns in marketing is how to deliver the right message to the right customer or prospect, and AdRoll continues to give us the best expertise, technology, and inventory sources to accomplish that task,” said Bill Macaitis, Zendesk CMO. “The company has a unique vision and I’m excited to see what’s next for AdRoll.”
The road to one million customers
AdRoll brings powerful advertising technology once limited to Fortune 500 companies with multi-million advertising budgets to brands of all sizes. Customers spanning dozens of verticals including retail, technology, and finance, and consisting of in-house marketing teams as well as agencies, trust AdRoll’s powerful, easy-to-use technology to collect, analyze, and act on first-party customer data. With this recent funding round, AdRoll is closer to reaching its goal of one million companies around the globe using their performance marketing platform to integrate and apply customer data across all digital points and devices.
“Display advertising spend attributed to real-time bidding is projected to exceed $9 billion dollars by 2017,” said Charles Moldow, General Manager of Foundation Capital. “A very select group of advertising technology companies are poised to capture the majority of that spend. We’re eager to support AdRoll because they offer businesses of all sizes a single platform that unites all of their digital advertising channels and devices.”
The recent launch of AdRoll Retargeting for Mobile plays an important role in AdRoll’s road to one million customers. The new product is the only single-console solution for advertisers who want to target desktop site visitors across social media, mobile apps, and the mobile web. With mobile retargeting, advertisers can identify high-intent desktop user segments and target them across mobile devices to drive app installs and conversions through Facebook and Twitter.
AdRoll leaders Adam Berke, Greg Fulton, and Lauren Vaccarello also recently published The Retargeting Playbook, the definitive guide to retargeting for every marketer. The book, already a top-selling business book on Amazon and Barnes & Noble, is a valuable combination of industry perspective, best practices, and proven strategies.
AdRoll is the global leader in retargeting, with over 15,000 active advertisers worldwide. The company’s innovative and easy-to-use marketing platform enables brands of all sizes to create personalized ad campaigns based on their own website data, ensuring maximum return on online advertising spend. With a 97 percent customer retention rate, AdRoll provides unmatched transparency and reach across the largest display inventory sources, including Google AdX, Twitter, and Facebook.
The company is backed by leading investors such as Foundation Capital, Institutional Venture Partners, SAB, Northgate Capital, GlenMede, Accel Partners, Merus Capital, and Peter Thiel. For more information, please visit www.adroll.com.