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Retargeting platform vendor, AdRoll, has raised US$70 million in its latest round of investment funding as demand for advertising retargeting increases.
The newest investors to come on-board include Institutional Venture Partners (IVP), Northgate Capital, Performance Equity and Glenmede. Foundation Capital led the funding round.
IVP’s Eric Liaw will join AdRoll’s board as part of the latest financing initiative. The venture capital firm’s previous investments include ArcSight, Buddy Media, ComScore, Juniper Networks, Dropbox and Snapchat.
Prior to the $70m injection, AdRoll had raised a total of $19 million to fund its activities. The company’s CEO, Aaron Bell, said the new funding was indicative of the growing demand for retargeting as an essential search engine marketing tool for digital marketers.
AdRoll said the money is earmarked for deepening its cross-device offering to reach customers on mobile devices. The company recently launched AdRoll Retargeting for Mobile, which allows advertisers to identify desktop user segments and target them across mobile devices.
The cash will also go towards building momentum globally, as well as driving customer service.
“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,” Bell said in a statement.
AdRoll now claims to have more than 15,000 customers in 100 countries and serves more than 50 billion ad bidding decisions based on the shopping behaviour of 500 million shoppers.
Foundation Capital general manager, Charles Moldow, added display advertising attributed to real-time bidding is projected to exceed $9bn by 2017.