Funding to Accelerate Momentum and Growth of Attitudinal Targeting as an Entirely New Approach to Online Advertising
RESTON, VA--(June 23, 2010) - Resonate Networks, the Attitudinal Targeting™ company, today announced the close of a $5 million Series A round of financing, led by Greycroft Partners and iNovia Capital. In addition, Ian Sigalow, Partner at Greycroft Partners, has joined Resonate's Board of Directors.
Resonate will use the funding to enhance research and development, as well as continue to grow its sales and marketing presence with brand and corporate social responsibility advertisers. Launched in 2009, Resonate has pioneered Attitudinal Targeting, an entirely new method for reaching consumers based on their values, beliefs, and attitudes. Resonate's platform is the only pure methodology for online targeting based on these psychographics, and it is entirely independent of cookie-based behavioral data.
"Resonate offers an innovative approach to online advertising that fills a critical gap for brand advertisers by helping them better identify, connect and engage with desired audiences online," said Alan Patricof, founder and managing director, Greycroft Partners. "Our investment underscores the enormous potential we see in Resonate and its unique research methodology. With Resonate, brand marketers and agencies can match their sophisticated understanding of consumers directly to the delivery of online campaigns."
"We have seen so many me-too targeting companies that use browsing behavior as a substitute for intent. The results are in and that methodology doesn't work. There are no shortcuts. You have to do the research if you want to find consumers with a propensity to buy your product," said John Elton, partner, iNovia Capital.
Resonate was originally founded to help advocacy organizations and political campaigns reach an audience defined by a more sophisticated set of characteristics than simple demographics or purchase behaviors. After proving its patent-pending methodology, Resonate recognized an opportunity to apply the same methodology for corporate and brand advertisers who have been unable to match their rich knowledge of their audience to online advertising campaigns.
"This round of investment, in addition to our customer successes, continues to validate attitudinal targeting and our groundbreaking approach to audience delivery," said Bryan Gernert, CEO, Resonate. "We're excited to aggressively build awareness of attitudinal targeting, and as we expand our offerings for brand marketers we expect that Resonate will become a primary choice for advertisers seeking to speak directly to their customers," said Gernert.
About Resonate Networks
Resonate is an online ad technology company offering advertisers an entirely new approach to targeted audience delivery -- Attitudinal Targeting™ -- based on values, beliefs, and attitudes. Resonate's proprietary methodology and patent-pending Quality Visitation Indices™ (QVI™) enable advertisers to define rich audience profiles from a combination of more than one thousand attitudinal and traditional attributes. As a result, advertisers are able to reach and engage the right audience at a deeper, more enduring level than traditional online targeting. For more information please visit www.resonatenetworks.com.
About Greycroft Partners
Greycroft Partners is a venture capital partnership formed to invest in promising digital media companies, including both business and consumer-focused ventures. With offices in New York and Los Angeles, Greycroft leverages an extensive network of media and technology industry connections to help their portfolio companies gain visibility, build strategic relationships, and successfully bring their products to market.
About iNovia Capital
iNovia Capital manages seed and early stage venture capital funds, with a focus on helping entrepreneurs build successful companies in information technology, life sciences and cleantech. iNovia's value-added approach to early stage investing provides portfolio companies with capital, unique access to intellectual property from its extensive network of industry and academic partners, advisors and sector-specific co-investors. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/inovia.
Horn Group, Inc. for Resonate