November 10, 2011, 2:52 PM

Targeted ad provider Intent Media raises $20 million

Intent will use the capital to hire engineers and analysts, and to fund expansion.

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Digital marketing firm Intent Media Inc. said this week it had raised $20 million in a funding round, the company’s second. The capital came from Redpoint Ventures and Matrix Partners.

Intent Media says it helps retailers craft targeted online ads to shoppers who visit e-commerce sites but don’t buy. The company plans to use the capital to hire employees and otherwise expand.

“Our steep growth trajectory means that we have to keep attracting the best engineering and analytical minds,” says CEO Richard Harris. “We are going to continue investing to do just that.”

Chris Moore, a Redpoint partner, will join Intent’s board. “The disruptive nature of this business is extremely attractive,” he says. “Intent Media may very well transform e-commerce.”

Nick Beim, general partner at Matrix, has served on Intent’s board since 2009, when Matrix first invested in the company. Intent says other backers include Reid Hoffman, co-founder of professional networking service LinkedIn, and Kevin Ryan, CEO of flash-sale retailer Gilt Groupe Inc., which is No. 49 in the Internet Retailer Top 500 Guide. Intent also offers search marketing services for hotels.

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