PlaceIQ Raises $6.75 Million in Series B Financing Led by U.S. Venture Partners (USVP). Mobile Location Intelligence Pioneer to Expand Reach and Service Offerings
NEW YORK, NY, May 7, 2013 PlaceIQ (http://www.PlaceIQ.com), a leading provider of location intelligence solutions for marketers, today announced the company has raised $6.75 million in a Series B financing round led by U.S. Venture Partners, and including IA Ventures, Valhalla Partners, kbs+ Ventures, and several prominent angel investors.
PlaceIQ will use the funding to further its lead as the premier location intelligence solution for marketers, and to meet the groundswell of demand for more accurate solutions that enable advertisers to reach and define mobile brand audiences at scale across a wide 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,” said Duncan McCall, CEO & Co-Founder of PlaceIQ. “ 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.”
“Location is the critical component that allows marketers to spend their mobile marketing dollars effectively,” noted John Hadl, Venture Partner at USVP and founder of groundbreaking mobile advertising agency Brand in Hand. “PlaceIQ provides unequalled insight into this vast opportunity with its accurate and precise measures, all powered by proprietary, patent-pending solutions that have set a standard for tools that help marketers better understand how to reach and message mobile audiences. Given the opportunity here, we are excited to be leading this critical round and enabling PlaceIQ to continue to do the important, industry defining work that has been its hallmark to date.”
The several months leading up to closing of this round has seen PlaceIQ take numerous steps towards cementing its leadership position in the marketplace. These include the hiring of industry veterans Tony Nethercutt as Chief Revenue Office and Anna Nguyen as Chief Operating Officer, significant increases to its engineer staff to accommodate product demand, the announcement of the industry defining Place Visit Rate™ (PVR™) metric, as well as a strategic partnership with Starcom MediaVest Group.
“Mobile’s power and possibilities lie in its ability to harness data and deliver human experiences that are relevant and meaningful,” says Derek Thompson, Senior Vice President & Global Mobility Director at Starcom MediaVest Group. “Location science is an integral component of unleashing mobile’s potential and we are excited about our work with PlaceIQ in this space and the measurable impact we are generating for our clients.”
PlaceIQ will use the funding from this round to maintain its pace of growth, continue to expand its offering, and hire for additional positions in sales, operations, marketing, and engineering. Interested candidates should visit http://www.placeiq.com/jobs/.
For more information about Place Visit Rate™ (PVR™), PlaceIQ’s groundbreaking new success metric created that measure real-world, in-store ROI visit http://www.placeiq.com/products/pvr/
PlaceIQ (http://www.PlaceIQ.com) is a leading provider of location intelligence, enabling advertisers to reach and define mobile brand audiences at scale for a wide range of marketing activities. Working with agencies, brands, and channel partners, PlaceIQ deploys proprietary, patent-pending big data science to aggregate and analyze extensive amounts of location data from multiple sources. The resulting intelligence gives marketers an unprecedented understanding of consumer behavior, while offering a privacy-friendly way to define, locate, reach and measure mobile audiences. The company is headquartered in New York City and has offices in San Francisco, Los Angeles, Chicago and Boulder, Colorado.
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon valley-based venture capital firm, helping entrepreneurs build world-class companies since 1981. USVP focuses on early stage opportunities in sectors where the Partners have the domain expertise, operating experience and network relationships to contribute to the success of an enterprise. Currently, the firm invests in digital communications, network systems, consumer and business services, media, semiconductors, clean technologies, biopharmaceuticals and medical devices.
About IA Ventures
IA Ventures is an early-stage venture capital firm, based in NYC, that invests in companies creating competitive advantage through data. We focus on using the latest technology to manage and extract value from today’s massive, occasionally unstructured, often real-time datasets.
About Valhalla Partners
Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm’s management team has made more than 120 investments over the past twenty years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge, and fundamentally change the dynamics of new and existing markets. Investments by Valhalla’s team include Adaptly, Advertising.com, Vubiquity, JumpTap, LeftHand Networks, PlaceIQ, Progress Software, Proxicom, Qumulo, RealOps, Register.com, Riverbed Technologies, SafeNet, ServiceBench, SolidFire, Videology, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity. For more information visit http://www.ValhallaPartners.com or follow via Twitter @ValhallaVC.
About KBS+ Ventures
kbs+ Ventures is a thematic investment arm of kirshenbaum bond senecal and partners which backs early stage entrepreneurs who have solid teams and great ideas. The main investment areas that kbs+ Ventures focuses on are: ad technologies, mobile, and design infusion. For more information, please visit: http://www.kbsp.vc
Neu Venture Capital
Neu Venture Capital is a New York-based seed fund run by Jerry Neumann. For more information please visit: http://neuvc.com