Ukrainian startup RetargetApp lands $2.4M seed round
RetargetApp, which works in the field of online advertising, has closed the $2.4 million seed round from several investment firms. Pavel Matvienko, CEO of the project, told about it, and an editor of AIN.UA learned the details of the deal.
Details of the deal
The company has raised $1.2 million from BeeVentures and TMT Investments previously and thus closed the seed round for $2.4 million (the details of the first deal is here). As Matvienko told AIN.UA, the company will spend the raised investments on:
- expansion and optimization of growth opportunities
- team expansion (now the company is looking for a Senior Python Engineer, Senior UX/UI Product Designer, Senior DevOps Engineer
- building business processes and launching a long-term strategy
When asked whether it was difficult to raise investments at the height of the pandemic, Matvienko said that e-commerce has a positive growth forecast and this is a hot field for investors. “Although in the first half of the year, investors were very cautious in their interests,” says the CEO.
Project performance indicators
RetargetApp develops a solution that automates advertising campaigns. The client should only define the purpose of the campaign and set the daily budget. RetargetApp analyzes the client’s advertising statistics, finds the best options, creates advertising campaigns (the service provides more than 12 formats on four platforms through APIs including Facebook and Google), and divides the budget between the most effective campaigns in the process.
According to the CEO, in October 2020, the product delivered over 50% more ads than last year, and the return on ‘advertising’ investments increased by 40%.
The company plans to expand its audience reach as well as its presence in other markets where e-commerce is well developed (the startup now has 80% of U.S. clients).