Target and Toys R Us posted overall sales declines during the holidays.
Rocket Fuel plans to use the venture funding for infrastructure and scaling operations to spur customer growth.
Ad network and targeting technology vendor Rocket Fuel Inc. has secured $3 million in venture funding led by existing investor Mohr Davidow Ventures. Rocket Fuel plans to use the money to continue building its corporate infrastructure, scaling operations to service ongoing customer growth, and building an engineering team to further develop its proprietary real-time targeting and optimization technology platform.
Since launching its intelligent ad-serving technology platform and hybrid ad network earlier this year, Rocket Fuel has experienced 265% quarter-over-quarter growth, the company reports. Rocket Fuel has seen an increase in requests for customized, data-driven and highly targeted display ad campaigns from many Fortune 500 companies, it says.
“As investors, we look far and wide for inspiring teams that can change very large markets with differentiated technology,” says Bill Ericson, managing director at Mohr Davidow Ventures. “The easiest decision for an investor is to continue to back a strong team that has done what they said they were going to do. For a year-old company to have this kind of traction with leading brands and agencies is remarkable.”
Rocket Fuel has closed $2.85 million of the investment to date with additional commitments due later this month.