Post ad-tech company Turn raises $80M in Series E funding round
Redwood, California-based marketing software and analytics platform Turn was able to secure $80 million from its Series E round. Calling itself a "post-ad-tech company," Turn provides real-time insights that change how leading advertising firms and businesses make marketing decisions. Using a single login, the company's cloud platform allows data management, cross-channel advertising and advanced analytics together with access to over 120 integrated technology partners.
In its statement about the recent funding, Turn did not name the lead investors of the round but only described them as "two of the world's largest investment firms." However, a Bloomberg report on January 14 said the round was led by the world's largest asset manager BlackRock Inc. A person with knowledge of the funding round also told Bloomberg that Fidelity Investments is one of its new funders.
According to Turn, new investors of the Series E round were ClearBridge Investments, Firsthand Technology Value Fund, Northport Investments and Pine River Capital Management. They join existing investors Norwest Venture Partners, Trident Capital, Shasta Ventures and Focus Ventures in supporting Turn.
Proceeds from the fund will be used to speed up investment in Turn's technology platform, data science and machine learning algorithms and cross channel and data-focused products, the company said. It will also be used to fund its expansion worldwide.
The latest proceeds come after a good year for the company. Some of its milestones included finishing the year with a positive EBITDA, increasing its 350 employees in five continents in over 20 offices around the world, growing its advertising reach to over 1.3 million display, video, mobile and social advertising bids per second and giving ads reaching 1.5 trillion each month and filing 20 patent applications.
Turn President and Chief Executive Officer Bill Demas said in the statement, "Turn is helping global businesses unlock new opportunities for growth by providing the real-time insights that enable them to find, understand and communicate with their most valuable audiences - at the right moment, on the right device, and at the right time."