New York, NY — December 13, 2010—Media6Degrees, the pioneer in Social Targeting™, announced today the closing of a $17 million Series B financing with Menlo Ventures, U.S. Venture Partners and Venrock. Mark Siegel, managing director of Menlo Ventures, has joined the company’s board of directors.
Media6Degrees will use the new capital to invest in staff and technology to further develop offerings based on the company’s Social Targeting technology, extending the franchise from industry-leading performance display advertising to optimization services for both marketers and publishers.
“This company is on a tear, and we’re raising capital to fund our growth,” said CEO Tom Phillips. “The annual revenue run-rate in Q4 will exceed $30 million in just our second full year of operations, with over 110 active name-brand clients this month.”
“We’ve been impressed by the tremendous growth of the business, driven in large part by the company’s 80% renewal rate,” said Menlo Ventures’ Mark Siegel. “Media6Degrees has combined unique data science and sophisticated ad serving and bidding technology to deliver an end-to-end advertising solution that works for major brands at scale while maintaining utmost respect for consumer privacy.”
“USVP has been thrilled with the high rate of technical innovation and commercial growth since we led the A round in 2008, and is happy to participate in this expansion financing,” said Ted Maidenberg, Principal at USVP. “Media6Degrees has pioneered a new dimension in online advertising, and expanded its reach from early telecom and retail clients to travel, financial services, media and other verticals.”
“Venrock has a long history of backing companies that introduce disruptive technologies to major industries, and we’re proud to include Media6Degrees in that tradition,” said David Pakman, Partner at Venrock. “As digital media moves inexorably more social, Media6Degrees has captured the value of that social data to deliver the best prospective customers to major marketers, to the enormous benefit of the entire ecosystem – consumers, publishers and marketers.”
Media6Degrees now has 60 employees, with headquarters in New York City and offices in San Francisco, Chicago, Boston, Atlanta and London.
Media6Degrees is the pioneer in Social Targeting™. The company uses proprietary technology to build and optimize audiences based on a brand’s existing customers, and deliver high-performing advertising campaigns at scale. The company is based in New York, and is funded by U.S. Venture Partners, Venrock, Menlo Ventures, Contour Venture Partners and Coriolis Ventures. To learn more, visit us at www.m6d.com.