After seeing its revenue soar by 300 percent in less than six months, San Francisco based ad tech startup Triggit has leaped to new heights with a Series B funding deal worth $7.4 million.
Copywriters, art directors and account managers from most online advertising agencies will be intrigued by the success of Triggit’s “demand-side platform” (DSP), which plunges into real-time bidding exchanges to buy ads for its 200 clients, all of whom spend over $10,000 a month.
This stratospheric success story is chiefly due to the startup’s participation in Facebook’s ad exchange, FXB, which uses re-targeting tools to assist advertisers to reach the famous social network’s army of users. In the last quarter of 2012 alone, Triggit expanded its team by 50 percent and now boasts offices in Los Angeles, Boston and New York. It’s CEO and co-founder, , says he’d “be surprised if we didn’t double in size in the next six to twelve months.”
The latest funding round takes the total raised by Triggit to $13.4 million and the firm is nearing profitability. The round was led by venture capital firms Foundry Group and Spark Capital and included existing investors. Coelius said, “Our core reason for existence is to help advertisers leverage customer relationships and help them communicate across different sources of content in really relevant ways. Facebook and what they’re doing is perfect for what we do…This is just the beginning.”
FXB allows advertisers to target ads to users according to their browsing history. But the firm’s primary focus gives it the edge – it’s one of the few DSP partners on FBX to run ads internationally.
Ninety percent of Triggit’s growth, says Coelius, has come from new business. During Q1 2013 (or even earlier), the company plans to expand its offices to Europe, South America and Asia.
But despite the spectacular growth generated by FBX, Triggit will not be turning away from its traditional online advertising business. It’s attracting new customers wanting to advertise through FBX, all of whom can see how well the company’s campaigns are performing – an observation likely to predispose them toward inviting Triggit to run online campaigns, too.