Triggit prepares to expand aggressively for Facebook Exchange in Asia, South America and Europe; reports 300% topline revenue growth since FBX launched in June
November 29, 2012 – San Francisco, CA- Triggit, the global leader in retargeting on Facebook, announced today it had secured $7.4 million in Series B funding led by Spark Capital and Foundry Group, with participation from earlier angel investors.
The Series B funding announcement comes at a time of incredible growth at Triggit. As a leader in retargeting on Facebook, Triggit partners with several top 1000 online direct response advertisers, like Kmart and Lowes. With hundreds of Facebook Exchange (FBX) campaigns live in time for the holidays, Triggit powers retargeting for advertisers that in aggregate see over half a billion (520MM) unique visitors per month on their site. This figure is double the amount of traffic that Triggit was seeing in September, when FBX first came out of beta.
Santo Politi, founder and general partner of Spark Capital, says that Triggit is quickly on track to become very profitable, due to their ability to adapt quickly and aggressively when taking on new opportunities like FBX. “Spark has always looked for companies that reach can reach great scale at whatever they’re doing, and Triggit has always shown signs that it had great potential to do this.”
Seth Levine, managing director of Foundry Group, says that thanks to the Facebook Exchange, programmatic buying and selling has increased at a pace higher than most people expected. “Programmatic buying will be the future of media buying on the internet for the next several years, so by design I expect Triggit to continue growing at breakneck speed.”
In Q4’12 alone, the company grew 50%, with 1/3 of the hires joining the engineering department. Triggit recently also opened three new sales offices in Boston, New York City, and Los Angeles to keep up with the high demand of new business all around the US. Triggit’s clients include companies in every major vertical including retail, travel, finance, and entertainment, and dozens of advertisers have been impressed with the performance of their FBX campaigns during the holidays. In particular, retail and travel advertisers have been seeing CTRs are high as .7% for their dynamic FBX ads, which rivals the performance of their paid search campaigns.
Since October, Triggit has been educating and evangelizing the opportunity on FBX through a series of sold-out roadshows called The Retargeting Landrush on Facebook. The event sparked wide interest from people across the online advertising industry, with 40% of the attendees composed of large advertisers and agency members. By popular demand, Triggit will be concluding the series with one last roadshow in Sao Paulo, Brazil, where they’ve seen high levels of interest from advertisers in a country that boasts the 2nd highest number of Facebook users in the world.
Having quickly emerged as the industry leader in retargeting on Facebook, Triggit is able to turn advertisers’ entire product catalogues into dynamic retargeting experiences on Facebook. Triggit partners with hundreds of the largest retail, travel, finance, and entertainment companies across the globe. With over seven years’ of experience in providing real-time bidding solutions, Triggit also offers the following capabilities on all major exchanges including Facebook: Control tests and view-through attribution, optimization, dynamic creatives, frequency capping, and flexible pricing. Contact firstname.lastname@example.org for more information.
About Spark Capital
Founded in 2005 by Todd Dagres, Santo Politi and Paul Conway, Spark Capital is a tight-knit group of partners managing approximately $1 billion across three funds. Headquartered in Boston, Spark invests in companies across the globe. Spark invests across a number of key market segments including: advertising & monetization, commerce & services, cloud & infrastructure, social, mobile and content. Spark’s portfolio includes companies such as Twitter, Tumblr, Foursquare, AdMeld, OMGPOP, ThePlatform and 5Min. The Spark team has previously backed notable companies such as Akamai Technologies, Qtera, Aether Systems and Novatel Wireless.
About Foundry Group
Foundry Group is a venture capital firm focused on making investments in early-stage information technology, Internet and software startups. They are centrally located in Boulder, CO, but invest in companies across North America. Their current venture fund of $225m was launched in late 2007 and is managed by four managing directors. Collectively, they have almost five decades of experience in venture capital investing. During that time they have invested in over 70 companies as institutional investors and over 50 companies as angel investors.