Hyperlocal Ad Startup PlaceIQ Raises $6.75 Million
PlaceIQ is a hyperlocal ad startup company that has raised $6.75 million in Series B funding. This round of funding was led by U.S. Venture Partners with participation from IA Ventures, Valhalla Partners, KBS Ventures, and several angel investors. Founded in 2010, PlaceIQ helps marketers segment ads for viewers based on their location.
PlaceIQ plans to use the funding to expand their lead as the premier location intelligence solution for marketers and to meet the demand for more accurate solutions that enables advertisers to reach and define mobile brand audiences at scale across a range of marketing activities.
“As pioneers in the space, we’ve seen first hand how location intelligence is transforming the way marketing budgets are being allocated,” stated PlaceIQ CEO and co-founder Duncan McCall. “In the past year, we’ve witnessed explosive growth in demand from both our channel partners as well as agencies and brands directly. Clearly, marketers are becoming more sophisticated and getting more and more comfortable with adding location based audiences into their marketing mix. We will be using this additional funding to cement our leadership positioning in the space, ensuring that we are able to continue to bring market defining products and measures – such as the Place Visit Rate to our clients.”
PlaceIQ recently launched a new metric called Place Visit Rate. Place Visit Rate is used to determine real-world, in-store ROI to quantify the value and effectiveness of mobile advertising, targeting, and messaging. PlaceIQ partnered with Starcom MediaVest Group to work with establishments on driving foot traffic.
PlaceIQ recently hired Tony Nethercutt as their chief revenue officer and Anna Nguyen as the COO. Nethercutt worked as the VP of sales at YouTube and AdMob. Nguyen was previously a head of revenue operations at Google and YouTube Japan.