Ukrainian startup RetargetApp raises a $1.5 million seed round
RetargetApp, which works in the field of online advertising, has raised a seed round from several foundations. The total size of the round is $1.5 million. It was closed by about 90% and another deal of up to $350,000 during the negotiations.
TMT Investments fund participated in the round (it was a lead investor, having invested $650,000), the startup was also supported by TA Ventures, Aitarget company, and business angels.
According to Pavlo Matviienko, the project CEO, TA Ventures became the “initiator of the round”: the Ukrainian fund gave the first money during the round and helped to search for other investors. The startups worked on the seed round since the winter.
“We invested in RetargetApp because they have interesting technology and sell it to foreign markets – there are great prospects for growth. Also, a startup has a good team and a founder,” Igor Pertsiya, venture partner at TA Ventures, told AIN.UA.
TMT Investments explained their interest in the project by the fact that the advertising market now has a trend to move to technologies that reduce the cost of contact on the internet and automate the launch of campaigns in social networks with big data and AI.
RetargetApp develops a solution that automates advertising campaigns. The client has only to specify the purpose of the campaign and its budget. RetargetApp analyzes the client’s advertising statistics, finds the best variants, creates advertising campaigns (the service provides more than 12 formats on 4 platforms via API, including Facebook and Google) and in the process adjust your budget and use it for the most successful campaigns.
According to the startup, online stores around the world have sold $60 million worth of goods in four years thanks to advertising from RetargetApp.