CARY, N.C.--(BUSINESS WIRE)--MaxPoint, the innovator and leader in real-time neighborhood-level targeting technology for online advertisers, today announced it has secured $8 million in funding led by Madrona Venture Group. The Seattle-based investment firm specializes in funding early-stage technology companies. Trinity Ventures, which funded MaxPoint’s initial institutional round of $3 million in 2010, also participated in this round. This is MaxPoint’s second round of institutional funding.
“Since our initial round of funding last fall, MaxPoint has seen a strong acceleration in the growth of our company, as advertisers have been clamoring for a solution to successfully drive offline purchases by using online ad campaigns,” said Joe Epperson, CEO and co-founder of MaxPoint. “Our new funding allows us to accelerate our growth and continue to strengthen our market leadership position.”
“Over the past year, MaxPoint has been instrumental in proving to brick-and-mortar companies, the key to an effective online advertising campaign is measuring how well it drives traffic into an actual physical location,” said Len Jordan, venture partner at Madrona, who joins MaxPoint’s board of directors. “We are investors in MaxPoint because we truly believe the value in online advertising is in leveraging the neighborhood-level proximity of a qualified consumer base to a retail location. Such targeted advertising leads to the in-store purchase of the product featured in the ad served.”
To accommodate its recent growth, MaxPoint recently moved its sales office in New York City to a larger location in Manhattan and also expanded its sales team. The new office at 505 Eighth Avenue is located in the heart of the Garment District, an area that has recently become home to some of the most cutting-edge tech companies in New York.
MaxPoint, the only provider of precision neighborhood-level online ad targeting, employs proprietary data-driven technologies to drive in-store purchases for national and regional brands. By uniquely combining multiple data sets to form customized neighborhood profiles, MaxPoint identifies the best potential neighborhood for any brand – those both interested and capable of purchasing the product. To do this, MaxPoint draws point-of-sale data from retail stores nationwide, demographics, psychographics and other publicly available data sources – all of which contain no personally identifiable information (PII).
MaxPoint then uses its precise Digital Zip™ technology to find the most qualified neighborhoods for the advertised product, based on the characteristics and interests of the people who live there. MaxPoint’s Digital Zips segment the country into 34,000 distinct neighborhoods, each with approximately 3,400 households, allowing marketers to pinpoint locations within a retailer’s trade area, more precisely serving their targeted online ads. MaxPoint evaluates each individual online impression in real-time, delivering the campaign creative only if the impression matches the brand’s customized neighborhood profile – without using cookies as part of the solution.
For more information about MaxPoint’s precision online advertising technology and how to incorporate it into a brand’s online campaign, visit MaxPoint at www.maxpointinteractive.com.
About MaxPoint Interactive
MaxPoint Interactive, the leader in neighborhood targeting technology, uses data-driven insights to deliver superior digital advertising ROI to advertisers. Our proprietary and customizable technology uniquely combines both demographic and point of sale datasets to pinpoint your customers who are both able and interested in purchasing your product. MaxPoint’s Digital Zip™ is two times more precise than traditional zip codes, offering accurate neighborhood-level targeting with national scalability and reach.
Founded in 2007, MaxPoint is headquartered in Cary, NC, with offices in New York and Austin. Learn how our easy-to-use solutions can generate brand safe, rapid ROI for you, by visiting www.maxpointinteractive.com.