TapCommerce said Friday that it has closed $10.5 million in Series A funding. Bain Capital Ventures and RRE Ventures led the round with participation from Nielsen Ventures and return backers Metamorphic Ventures, Eniac Ventures and Nextview Ventures. Also, Bain Capital’s Scott Friend of Bain Capital and RRE Ventures’ Eric Wiesen have joined TapCommerce’s board of directors. Based in New York City, TapCommerce is a provider of mobile retargeting solutions.
New York, NY, November 22nd, 2013 -TapCommerce, the global leader in mobile retargeting, announced that it’s received Series A funding ($10.5M) led by Bain Capital Ventures and RRE Ventures, along with participation from Nielsen Ventures as well as existing investors including Metamorphic Ventures, Eniac Ventures, and Nextview Ventures.
According to eMarketer, mobile commerce is predicted to close out 2013 at $17 billion in the US, up from virtually nothing in 2009. Yet today, only five percent of consumers are still using a mobile application they downloaded six months ago. Using TapCommerce, leading brands can engage and convert their mobile audience, significantly increasing customer lifetime value.
TapCommerce, operating since early 2012, has over 50 customers, including more than 30 of the top 100 grossing apps and leading mobile ecommerce brands like Fab and JackThreads. TapCommerce will use the capital to accelerate its product development cycle, and significantly expand its sales and marketing efforts.
Scott Friend of Bain Capital and Eric Wiesen of RRE Ventures have joined the company’s board of directors. Brian Long, CEO of TapCommerce, commented, “We are extremely excited to have Eric and Scott join our board. With incredible experience in ecommerce, enterprise software, and marketing technologies, Scott and Eric’s guidance will help us scale effectively.”
TapCommerce is the global leader in mobile retargeting. We’re trusted by the most successful mobile brands to deliver customers, revenue, and return on investment across mobile platforms. TapCommerce is a venture-backed mobile technology company headquartered in New York City’s Union Square.