Toro was founded by former Zynga developers, who initially called the company Red Hot Labs. About 30 app marketers use the company's tool to create split tests for their install campaigns, rebalance budgets and track post-install metrics. The tool has only been in market for about seven months.
As Toro CEO Amitt Mahajan told AdExchanger in November, “There are a dizzying number of options for how to do the targeting and how to interpret the results" of Facebook app install campaigns. “Most people are actually targeting very broadly and don’t use the segmentation features correctly, which means they see poor results coupled with the high cost of installs.”
One of its customers was mobile app Burner, whose CEO, Greg Cohn, praised Toro this way: “When you have a great product and your market has been validated, the main challenge is finding the best method to reach that market while avoiding low-quality installs that don’t convert. When managed by hand, this is a very time-consuming and inefficient process.”
Toro raised a $1.5 million seed round two years ago from Greylock Partners, General Catalyst Partners and other investors.