New capital will fund sales expansion, and the launch of new programmatic marketing solutions on the Chango Madison Real-time Platform
NEW YORK, NEW YORK, Nov 21, 2012 (MARKETWIRE via COMTEX) — Chango Inc., the industry’s only ‘Programmatic Marketing Platform’ for managing real-time data-driven digital advertising, announced today that it has secured $12 million in funding. All of Chango’s existing investors including iNovia, Rho Canada Ventures, Metamorphic Ventures, Mantella Venture Partners and Extreme Venture Partners took their full allocation in the round.
Chango is one of the fastest growing real-time ad technology companies in the world, growing revenue over 600% year over year for 2 years running. With offices in New York, San Francisco, Toronto and Los Angeles, Chango is currently servicing 55 of the top 500 online retailers, and is now expanding sales presence to Chicago, Detroit and London to reach additional online retailers, and to support additional industries including automotive and travel.
“We’ve built a world class team and technology platform that is delivering consistently great results for our clients,” said Chris Sukornyk, Founder & CEO. “Our clients are among the most progressive advertisers and agencies in online retail and we’re achieving a 90% renewal rate.”
Chango has built the industry’s first extensible Programmatic Marketing Platform, Chango Madison. Chango Madison integrates the buying power of a DSP (Demand Side Platform) with the data management capabilities of a DMP (Data Management Platform). Its programmable framework enables the rapid launch of real-time data-driven marketing solutions like Chango’s market leading Search Retargeting. Chango Madison collects over 6 billion searches a month from Chango’s proprietary data network, and leverages this data to bid on over 350,000 ad impressions per second from every major ad exchange.
“Having worked with Chango since inception, we’ve been impressed by the company’s ability to scale product innovation and revenue, while delivering industry leading quality of service,” said Duncan Hill, General Partner at Mantella Venture Partners. “We’re thrilled to continue supporting the company’s rapid growth.”
With this funding, Chango is launching Programmatic Site Retargeting (PSR), the first of several new real-time solutions being built on the Chango Madison platform. Site retargeting is one of the most effective forms of ad targeting, and Chango PSR leverages diverse data sources and customizable logic to make it dramatically more efficient.
“Chango is proving itself to be the most technically innovative ad tech company in the market today,” said Roger Chabra, General Partner, Rho Canada Ventures. “We’re extremely excited to be a part of the product roadmap they have laid out for 2013 and beyond.”
Chango will support geographic, industry and product expansion with 50 new open positions in sales, engineering, marketing, client services, and ad operations.
Chango provides simple and effective Solutions for marketers in an era of real-time media and big data. Our proprietary platform, Chango Madison, combines the data management capabilities of a DMP (Data Management Platform) with the media buying capabilities of a DSP (Demand Side Platform) allowing for a truly Programmatic approach to both segmentation and media buying across Display, Mobile, Social & Web.
We solve the common problems faced by marketers today – we prospect for new customers with Search Retargeting and convert existing site visitors with Programmatic Site Retargeting. Additionally, with Audience Extension we enable publishers to monetize their audience with their own off-site ad network.
Our clients include the world’s largest brands & agencies, including 55 of the top 500 retailers, which has helped fuel 600%+ growth year over year for the last 2 years. We have offices in New York, Toronto, London, Chicago, San Francisco and Los Angeles.
About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early-stage funds. For more information, visit www.iNovia.vc or follow iNovia on Twitter at www.twitter.com/iNovia.