Smartphones today certainly can do more than just make a call or send a text — they also double as personal GPS devices that can monitor our precise movements. The ability to track someone’s location can be invaluable for some marketers, and one Seattle startup is capitalizing on the opportunity.
Placed today announced a $10 million series B funding round led by Two Sigma Ventures to help grow out its location analytics product offerings. Madrona Venture Group, which previously invested $3.8 million, also participated in the round to push total funding to $13.8 million.
Placed will use the fresh funds to help set up a new office in New York City, hire up to 40 employees by the end of 2014 and continue growing its three core services: Placed Insights, Placed Attribution, and Placed Targeting.
“The new round highlights the traction that we’ve made to date, building the standard in location analytics and in-store attribution, and the opportunity to accelerate and expand upon this early success,” CEO David Shim told GeekWire.
Shim, who previously worked at aQuantive, Farecast and Quantcast, founded the company back in 2011 when it was called Sewichi. Since then, the startup has changed names and attracted a bevy of customers who use Placed to help measure the offline impact of mobile ads and reveal insights into consumer behavior.
Placed measures more than 175 million consumer locations every day from those that opt-in to share their whereabouts. Its technology then crunches that data to provide information on everything from how TV ad spending translates to in-store traffic, to how Amazon is impacting brick-and-mortar retailers.
As a result of the new funding, David Joerg, Managing Director at Two Sigma, will join the Placed Board of Directors.