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Italian startup AdEspresso secures $500K seed funding to optimize Facebook ads for SMBs
AdEspresso announced that it has secured $500,000, its first outside funding. Institutional and angel investors backed the said seed round, according to TechCrunch.
The startup optimizes Facebook ads for small and medium businesses (SMBs) by finding the most effective combination of images and text for the ad campaigns. Customers upload possible text and images for the ads, and then AdEspresso will test out various combinations. Based on metrics such as clicks, sales, and leads, the firm will track the performance of that certain ad, the report explained.
Although spun out of an Italian ad firm, AdEspreso has since moved to Silicon Valley and participated in the 500 Startups incubator. Chief Executive Officer Massimo Chieruzzi said he will be implementing a business model that charges $49 to $299 per month based on ad spending. He also said clients who spend less than $2,000 per month can use the product for free. While the company's office is now in Mountain View, Chieruzzi plans to retain the technical group in Italy, the report detailed.
500 Startups and Atlantic Capital Partners led the funding round. Angel investors including Armando Biondi and Richard Chen also contributed to the said round, TechCrunch reported.