Social Media Ad Company Optimal Raises $7 Million in Series B Funding
Optimal is a social media marketing company that has raised $7 million in Series B funding. Optimal was previously known as XA.net, but they changed their name in April. Optimal took on the name based on their optim.al social ad campaign manager software. Optimal is a part of Facebook’s Preferred Marketing Director program. Optimal has a platform for buying Facebook ads. It also offers analytics tools to monitor brand engagement.
The company’s revenue from social media ads have quadrupled year-over-year. This new round of funding will be used to expand their sales, marketing, and engineering teams. Optimal supports ad retargeting using Facebook Exchange, Facebook premium ads, and all “FB native ads.” The company is still building their product offerins including a new Page Insights tools.
Some of the new investors in this round include DoubleRock, The Social Internet Fund, Siemer Ventures, Signal Ventures, John Pappajohn, Warren Adelman (former GoDaddy CEO), Social Starts, James Altucher, and Silicon Valley Bank. Optimal previously raised $600,000 in Series A funding. Existing investors that participated in this round include Neu Ventures, Stonnington Asset Allocation Fund, and WGI Group. James Altucher and DoubleRock’s Suraj Rajwani are joining Optimal’s board of directors. Optimal also hired former SVP of finance and operations at LiveGamer Paul Suh as their chief finance officer.
“They have the most efficient platform for reaching and managing a brand’s reach across social media,” stated Altucher. “In other words, I selfishly use them for my own purposes. Additionally, they are a one-stop shop for me to buy media across social platforms, including Facebook retargeting. I had been looking for this, so I invested.”