AdRoll receives Series C funding round valued USD70 million
Today, AdRoll has announced receiving a hefty USD70 million major funding round. The company is a pioneer in online advertising retargeting which makes use of a technology that pushes ads for products that were previously viewed. AdRoll said that the new investment it has gotten would be used to capitalize the current market trends in the ad tech industry. The investment AdRoll has received is also the biggest for an ad tech startup since last year.
AdRoll CEO Aaron Bell told TechCrunch that the Series C funding round that the company has raised would be used for acquisitions and expansion. He also added that AdRoll has been looking at a global expansion. In October last year, AdRoll recorded revenue valued USD100 million which Bell said was on track with its USD150 million target. The company also said that it has 15000 clients using its technology. He added, “Those who are interested in reaching customers wherever they happen to go.”
The funding round was led by AdRoll’s current investor Foundation Capital. The investment was also joined by new investors including Northgate Capital, Institutional Venture Partners, Glenmede and Performance Equity. Other existing financiers including Merus Capital, Peter Thiel and Accel Partners also joined the round. Institutional Venture Partners’ Eric Liaw is also joining the AdRoll board.