33Across, an ad tech startup that uses vast amounts of social data to target audiences, has raised an additional $13.1 million.
The Series C round, led by new investor Pelion Ventures and joined by current investors Flybridge Capital, Greycroft Partners, First Round Capital, iNovia Capital, Panorama Capital, QED Investors, Metamorphic Ventures, and Great Oaks Ventures, brings the company’s total funding to more than $26 million.
Since launching in 2008, the company said it’s been doubling and tripling revenues each year, for a compound annual growth rate over the past three years of 468 percent. Earlier this year, 33Across significantly expanded its data footprint with the acquisition of Tynt, which tracks when users cut and paste content for sharing via email and other social platforms.
Over the past few years, venture capital firms have poured billions into ad tech companies, but some say interest in parts of the marketplace is softening. In a recent Wall Street Journal article, Terence Kawaja, founder and CEO of boutique advisory firm and investment bank LUMA Partners said “this is the year of capitulation” for many ad tech startups, as the winners and losers become more clear.
Companies targeting users of social networks are continuing to get venture capital support, the WSJ noted. And, across the board, demand for nearly anything related to big data has soared.
“Everyone in this ecosystem – marketers, publishers and tech companies – they all have a huge appetite for big data right now,” said 33Across founder and CEO Eric Wheeler. “We’re at the epicenter of that.”
With the new funding, the company plans to accelerate its growth and engineering capabilities, he said. It intends to build out new and better products, as well as hire additional staff across the company. The New York-based company, which has offices in 11 cities, currently has 86 employees, but Wheeler said that figure could double in the next year. The company said its client roster includes upwards of 600,000 publishers and more than 375 Fortune 1000 marketers.