Capital will be used to expand Perfect Market’s existing sales staff and to open up new offices, said Julie Schoenfeld, CEO.
The company has raised three prior rounds of capital totaling nearly $20 million and Schoenfeld said of the Series D funding, “it’s entirely possible this would be our last round” of fundraising. Prior rounds included investors Idealab, Rustic Canyon Partners, the Tribune Co., and Trinity Ventures. Each of the investors joined Perfect Market’s Series D. It raised $5.1 million in 2007, $8 million in 2008 and $6 million in 2010.
The company was initially formed in 2007 by Idealab. With its latest round of funding pushing the aggregate investment value in Perfect Market closer to the $30 million range, the company will look to expand to locations including Northern California, Atlanta and Texas.
Perfect Market’s clients include print publications like the Los Angeles Times, the San Francisco Chronicle and the Orlando Sentinel; Schoenfeld said the company continues to seek out smaller publications to partner with for content and advertising opportunities.