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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), Northgate Capital, Performance Equity and Glenmede, who join existing investors Merus Capital, Accel Partners andPeter Thiel. In conjunction with the financing, Eric Liaw of IVP will be joining the AdRoll board as a 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," 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 has helped us scale and welcome new investors with exceptional late-stage and public experience."
Beyond expanding the product portfolio, AdRoll plans to use the new investment to deepen its new cross-device offering to reach customers on mobile devices. The company also plans to continue to build momentum around the globe while maintaining its 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 is more activity than even Amazon sees.
Leading companies across all verticals—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."
More screens, more opportunity
The recent launch of AdRoll Retargeting for Mobile plays an important role in achieving AdRoll's product vision. 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.
"Display advertising spend attributed to real-time bidding is projected to exceed $9 billion dollars by 2017," said Charles Moldow, General Partner of Foundation Capital. "A very select group of advertising technology companies is 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."
"We're thrilled to partner with AdRoll's outstanding management team and existing investors to deliver on the company's vision of simplifying online advertising for all customers," said Eric Liaw, Principal of IVP.
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, provides a valuable combination of industry perspective, best practices, and proven strategies.