Convertro has closed a $5 million Series B round of funding. The funding round, which was led by Bessemer Venture Partners and DAG Ventures, will support the ramp up of Convertro’s sales and marketing organizations in New York City, Asia, Latin America, Europe, the Middle East and Africa.
Convertro, which provides a platform to measure and optimize ad campaign effectiveness using cross-channel attribution of online and traditional media channels, today announced that it has closed a $5 million Series B round of funding. The funding round, which was led by Bessemer Venture Partners and DAG Ventures, will support the ramp up of Convertro’s sales and marketing organizations in New York City, Asia, Latin America, Europe, the Middle East and Africa.
The Series B funding comes as Convertro continues to expand the user base for its cross-channel marketing and media attribution engine. Many large advertisers and agencies, including leading sports leagues, top apparel brands, and well-known travel merchants, already rely on Convertro’s platform for analysis, insight, and recommendations to determine which advertising and marketing channels are delivering the most return on investment and to optimize their spending accordingly. With Convertro’s non-cookie-based tracking, marketers can track and analyze all customer-initiated marketing interactions and touchpoints to fully optimize their marketing mix.
“In a complex media environment in which consumers might have multiple touchpoints with a company across numerous devices and channels before they convert, it’s imperative that marketers know which of those interactions influences the final purchase,” said Jeremy Levine, partner at Bessemer Venture Partners. “Convertro users can make more informed media buying decisions because they have an accurate understanding of which investments deliver real returns.”
Convertro captures data at the most granular level so users can track the online behavior of individual consumers, even across devices and platforms. This data collection facilitates insights such as determining that TV or Facebook advertisingcan spur purchasing decisions, but with a delay. The company inserts 144,000 marketing events per second into its database and has more than 40 million users every hour. To date, Convertro has recorded billions of dollars in transactional revenue for its customers.
“Surface-level analysis about conversion rates per channel or average cost per click is not adequate to support the sophisticated needs of today’s marketing organization. By contrast, our engine delivers an average reduction in cost per sales lead between 7 and 12 percent, as well as subsequent boosts in revenue,” said Jeff Zwelling, Convertro CEO.
The recent funding follows a $5 million 2009 Series A round led by Bessemer Venture Partners.
Convertro provides advertisers and agencies with valuable cross-channel analytics and actionable recommendations to attribute, optimize, monitor and adjust marketing strategies and tactics in order to significantly and efficiently grow revenue and profit across all marketing channels, both on and offline. By capturing and analyzing all user touchpoints that lead to conversions, Convertro provides marketers true intelligence with scientifically advanced attribution and predictive capabilities. The company’s proprietary and patent-pending technologies enable it to cross-attribute across online, television, radio, print and direct mail channels with ROI maximization as the underlying driver. Convertro is based in Santa Monica, Calif. and maintains a research office in Israel.
About Bessemer Venture Partners
With $4 billion under active management, Bessemer Venture Partners (BVP) is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Mumbai, Bangalore and Herzliya, Israel. BVP delivers a broad platform in venture capital spanning industries, geographies, and stages of company growth. From Staples to Skype, VeriSign to Yelp, LinkedIn to Pinterest, BVP has helped incubate and support companies that have anchored significant shifts in the economy. More than 100 BVP-funded companies have gone public on exchanges in North America, Europe, and Asia.