Shim said the success of Placed Attribution is a driving force behind taking on funding now.
“We’re seeing great traction in market with (our) partnerships,” Shim said. “We’re seeing the market adopt Placed Attribution as the currency for mobile (in-store) attribution. We believe this is a great opportunity to build upon that, accelerate and own the space by the end of the year.”
Shim said Placed Attribution is becoming more effective by collecting more data from new partners including Pandora, The Weather Channel and Rocket Fuel.
Also last year, the company launched Placed Affiliate, through which mobile developers can monetize their apps by providing location data to Placed.
The company said that through its major partnerships and Placed Affiliate it now measures 175 million locations of more than 175,000 consumers daily.
Placed’s growing list of big-name retail and publishing clients are a motivating factor in the company’s opening of a New York office within two months, Shim said. Placed aims to hire five to 10 new employees in New York to add to its more than 20 employees in Seattle.
Two Sigma Ventures “really focused on data, and how to make it actionable,” Shim said of this round’s leading investor. “That really relates what we’re doing with Placed where we’re taking location data, we’re converting that into places, and then making that actionable with things like Placed Attribution.”
Madrona Venture Group was the leading investor on Placed’s 2012 Series A funding of $3.4 million, and also participated in this round.