Ad tech company Drawbridge, that helps businesses identify when a single person is using multiple devices, has raised $25 million in Series C funding, led by Sequoia Capital. The new round brings Drawbridge’s total funding to $45.5 million since it was founded in 2010.
As an “identity company,” one major application is its tech advertising. The fresh funding is earmarked for expanding its business model – offering an SaaS model to companies for purposes like for website personalization, fraud detection and marketing automation. Using Drawbridge’s Connected Consumer Graph, advertisers can use proprietary data to target customers across multiple devices (laptops, mobile, tablets, and more). Recently, the ad tech company began offering this technology to non-advertising customers too.
Its clientele includes Lyft, Oracle and M&C Saatchi. Using Drawbridge’s algorithm, advertisers can work with more customers as well as different types of customers. For example, Lyft, a ride sharing app, is more mobile-centric. Its goal is to get as many people as it can into installing the app on their phones and using it repeatedly and devotedly. Using Drawbridge’s platform SaaS, Lyft can conduct its organized media buying and targeting. It can also integrate functions such as setting up campaigns, determining targeting criteria, managing creative assets, and getting a better understanding of ROI.
Rahul Bafna, VP-product management & partnerships, Drawbridge, calls this a “heavy-touch, heavy-serviced model.” With SaaS, advertisers can use the platform themselves, just like with Google and Facebook (Google AdWords and Facebook Advertising). In addition to campaign set up and execution, users can manage budget, frequency, optimization, targeting, audience profile management and reporting features.
Ad tech company Drawbridge will use the fresh funding to increase its current headcount from 120 to about 180 or 190 by the end of 2016, with new hires in product development, engineering and strategy. The ad tech company will as of now focus more on growth than profitability.
Three years have passed since Drawbridge raised a $14 million Series B. Founder and CEO Kamakshi Sivaramakrishnan says the company broadened its strategy in past few years to bring more customers on board and see cross-device targeting become more mainstream.
Ad tech company Drawbridge is backed by Sequoia Capital and Kleiner Perkins Caufield & Byers. In the last quarter of 2015, it reached an annualized run rate of $100 million in 2015 Q4. While it already has a small team in London and New York, it is looking to expand in Asia and Europe.