ChoiceStream, a demand-side platform (DSP) for programmatic advertising, on Monday announced it has closed a $7.5 million Series B round of funding. The round was led by New York-based Fred Alger Management.
Eric Bosco, the company’s CEO, declined to comment on past rounds of funding, but did tell Real-Time Daily that a CrunchBase figure saying ChoiceStream has raised $78.3 million in funding is inaccurate.
The new financing is significant for ChoiceStream because it is the first round the company has had since it pivoted to become a pure-play DSP in 2011. Prior to 2011, the company positioned itself as a “product recommendation company.”
Bosco said the funding will be used to expand sales efforts into new regions and less developed marketers. “We will be invested in our strategy to provide a programmatic solution for every phase of a campaign -- planning, creative, media and analysis,” he added. “This means further development of survey-based measurement and planning, and investment in tightly integrated dynamic ads.” He shared that one other area of development focus will be announced in early August.