Search retargeting technology company, Magnetic, announced the company's launch and $1.25 million in funding which includes a roster of investors such as NYC Seed and IA Capital Partners. Read the release.
Josh Shatkin-Margolis, CEO of Magnetic, discussed the new funding and the company's strategy.
Magnetic (originally Domdex) has been stealth for a while now. Why?
Magnetic operates a marketplace for advertisers and publishers to apply search data to all online advertising. We did not want to approach the public until we had the fastest growing and most easily accessible source of search re-targeting data. We wanted to first build the technology, interfaces and the profiles. Now, we’ve built enough momentum where our advanced algorithms and easy-to-use, self-serve interfaces extract maximum value out of search data in over 200 million user profiles.
With what kind of investor did your company resonate?
Magnetic’s seed funding of $1.25 million was led by two of New York’s finest venture capital firms, NYC Seed and IA Capital Partners. The rest of the syndicate includes marquee investors like Founder Collective and multiple angels from the on-line media and advertising industry. We have partnered with investors that in addition to possessing high integrity are wickedly smart and experts in on-line media and advertising.
It seems like you’ve raised a small amount compared to some of the recent rounds in ad tech. Do you anticipate additional rounds of funding in the future?
Being the search data partner of choice for more than 40 leading agencies, ad networks and DSPs, has provided revenues to help scale the business. Additionally, with advancements in open source technologies, we have been able to keep our costs down. Nevertheless, we are reviewing other funding options to help scale our market leading search re-targeting product to meet client need.
What’s the story with the name? How does it relate to the problem your business is looking to solve?
We believe search re-targeting today is the most efficient way to find customers because of the large amount of display media, strong indication of intent in search data and other market dynamics. However, we wanted a name that represents us at our core. Magnetic describes the pulling force we provide our customers in finding their customers.
By John Ebbert