The Exchange Lab, a multiplatform programmatic exchange, today announced it has raised $8 million in funding from Business Growth Fund, a UK growth capital provider. BGF is an independent investment company backed by five UK banking groups, including Barclays, HSBC, Lloyds, RBS and Standard Chartered.
The London-based company has been growing, and just last month it opened its first U.S. offices in New York and San Francisco. James Aitken, CEO of The Exchange Lab, told RTM Daily that the company will use the funding to "take on the U.S. much more aggressively."
The round of funding is unique in that it comes from a coalition of UK banks, all of which are now jumping into the programmatic space, a company representative explained. Aitken sees the investment as one that "validates the overall growth of programmatic marketing in the industry."
The Exchange Lab's trading platform will also receive upgrades as a result of the funding. Aitken said the platform's "roadmap" can now be accelerated, which means buyers can expect it to be linked with additional demand-side platforms (DSPs) in the near future. The company specifically mentions new video, mobile, social, and premium inventory sources as key areas of focus.