Chute Raises $7 Million In Series A
Chute is a startup company that is known for being able to capture, manage, and displaying media. The company makes it possible for publishers and businesses to find relevant photos from social networks and then displaying them on their own websites and real-world locations. The company has raised $7 million in Series A funding led by Foundry Group with participation from existing investors Freestyle Capital and US Venture Partners. The company raised $2.7 million in a seed round led by Freestyle in July 2012.
Chute co-founder Ranvir Gujral said that whenever a company publishes content, Chute knows about it. The goal is to build a “complete visual platform.” The company plans to use funding to grow their marketshare and awareness along with product development.
In conjunction with the funding news, Chute announced Chute Ads. Chute Ads lets companies integrate photos into banner ads. These photos are either from the brand themselves or are provided by users.
“As a brand, if I’m putting time into creating great content and posting it to my Instagram and Pinterest, I want to put it into my own ad units instead of a static SWF file,” stated Gujrat. “We want to kill the static SWF file.” SWF is an Adobe Flash file that is often used for display ads on publisher websites.
The first company that will be using Chute Ads is Conde Nast Traveler. Their Chute Ads will be going live in June. Chute Ads gives the opportunity for advertisers to also be publishers. Since content is pulled in real-time, audiences will never have to see the same ad twice.