Media6° Nails Down $9.8 Million In Funding
Media6°, which uses "social graph" data to connect marketers to customized audiences, announced Monday the closing of a Series A financing round worth $9.8 million.
The round was led by U.S. Venture Partners, with Venrock, Contour Venture Partners, and Coriolis Ventures along with several prominent angel investors.
Media6° co-founder David Honig said the company, which only came out of beta last September, is being conservative with its available capital. "We being very careful," said Honig, who manages day-to-day media operations at the company. "We're being very smart."
Still, in less than a year, the New York-based startup has grown from about 10 to 25 full-time employees, and expanded its client base to roughly 30 agency clients. "The scale of our deals runs from $25K to 6 figures, and those numbers are still growing," Honig said.
The company was founded on the belief that a consumer who is connected to a firm's existing customer (or "network neighbor") responds to advertising from that firm at rates 2X to 30X higher than consumers targeted using traditional demo or geotargeting techniques.
Earlier this year, Media6° secured a partnership with Havas Digital to develop ad solutions to advance the agency's development of its Virtual Brand Network for Advertisers. The Virtual Brand Network aggregates digital media inventory that meets the needs of a specific brand.
In addition, Havas Digital agencies agreed to the early adoption of Media6°'s social graph targeting capabilities in order to integrate consumer insights with hyper-targeting.
Media6º technology uses no consumer or publisher data to map the social graph or deliver its targeting solution. The firm is a signatory to the Network Advertising Initiative (NAI) guidelines on the appropriate use of data in online advertising.
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Retargeting, plus Social Media = exceptional rounds of funding even during an economic recession. Amazing. Interesting that there's also a cover story today on Mediapost regarding Ad Retargeting and how it can Outperform Paid Search. Is this lethal combination of Social and Retargeting the most effective advertising online today?