Retailers shift their ad spending from TV, radio and print ads to digital ads.
The company is growing in the U.S. and Europe and will hire 15 staffers.
Marketing software company Visual IQ Inc. this week announced it had raised $12 million in its second funding round. Venture capital firm Volition Capital led the investment round, which also included Fog City Capital, an existing Visual IQ investor. Visual IQ says it will use the funding to expand its offerings and grow sales, and to add at least 15 product development and account management to its 110-person staff.
Visual IQ provides software that helps marketers determine how to attribute and optimize marketing spending across online ad channels, such as search and display advertising.
"Visual IQ's technology is solving a truly daunting problem facing marketers today: how to optimize an increasingly complex multichannel marketing ecosystem," says Sean Cantwell, a partner of Volition Capital. “We firmly believe that the company's strong financial performance, highly proven management team, and sound product roadmap firmly position it for significant growth.”
Cantwell and Roger Hurwitz, Volition Capital managing partner, join the Visual IQ’s board along with the investment.
Visual IQ has been expanding in Europe recently, says CEO Manu Mathew says, and retailers make up “probably 40-45% of the deals that we’re chasing right now.” Visual IQ’s e-retailer clients, which Mathew says account for about 20-25% of its client base, include CVS Caremark Corp., No. 83 in the Internet Retailer Top 500 Guide; The Home Depot Inc., No. 43; and Overstock.com Inc., No. 27.
“We’re hopeful and certainly bullish in the fact that we’re seeing strong growth not only here in the United States but globally,” Mathew says.
“We have been delighted at their accomplishments and growth, and we expect this new investment to further propel the company's ongoing success," says Ravi Bhaskaran, principal of Fog City Capital, which first invested in Visual IQ in 2010.