LocalResponse Closes $5 Million in Additional Financing, Establishes Leadership Position in “Check-In” Based Advertising
New York, NY, October 12, 2011- LocalResponse, the “check-in” based ad network, announces $5 million in additional equity financing today. New investors Cava Capital, Vodafone Ventures, Advancit Capital, and Progress Ventures join existing investors Metamorphic Ventures, Extreme Venture Partners, FF Ventures, Acadia Woods Partners and Jim Pallotta, amongst others. LocalResponse will use the
proceeds to scale its sales team across the country, solidify the enterprise version of its product for brands and agencies, and augment distribution channels for its ads.
LocalResponse aggregates “explicit check-ins” from check-in services, such as Foursquare, and creates “implicit check-ins” from natural language and geo-tags in updates and photos on social networks like Twitter and Facebook. LocalResponse then helps marketers respond to these individuals in context with a relevant ad/offer, as well as providing detailed analytics about their customers’ actual foot traffic.
LocalResponse customers include over 40 of the world’s largest brands including General Motors, Walgreens, Microsoft, McDonald’s, USA Networks, Aveda, Coca-Cola and Verizon. Ads are performing at an average of 40% click through rate (CTR), over 100 times the current CTR on online and mobile advertisements today.
“We’re super excited to have investors who believe, in making the holy grail of location-based advertising come true. Tweet that you’re excited to watch X-Factor, and don’t be surprised to see an X-Factor ad on a digital billboard near you. Take a picture at a Yankees game and get an offer for a free beer from a nearby vendor. Check-in to a local retailer, and get an offer from them unlocking their latest promotion. It’s all on the table now” says CEO and co-founder Nihal Mehta.
“LocalResponse is next generation targeting and it’s exciting to have the backing of these investors. All other types of targeting is an approximation. Whether its demo, behavioral, contextual, look-a-like or social – it’s still approximating. Our platform allows marketers to know where people are and what they are saying in real time and react via mobile”, says Kathy Leake, President and Co-Founder.
About LocalResponse: LocalResponse is the world’s first cross-platform “check-in” based ad network, helping marketers reach individuals in the most contextual, local medium. LocalResponse, based in Chelsea NYC, is co-founded by digital advertising pioneers Nihal Mehta (founder ipsh!, sold to Omnicom in 2005 & early investor in Admob), Kathy Leake (co-founder Media6Degrees), and Michael Muse; and
is backed by Cava Capital, Vodafone Ventures, Metamorphic Ventures, Extreme Venture Partners, Jim Pallotta and others.
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