HookLogic Closes $14.3 Million Investment Led by Intel Capital
Accelerates growth of advertising programs on largest e-commerce sites
NEW YORK, September 9, 2013-- Brands will soon have even more opportunities to gain top search placement on the largest e-commerce sites, thanks to a $14 million Series B growth investment in HookLogic, the global leader in commerce search advertising. The new financing, which was announced today, was led by Intel Capital and follows a $9.5 million investment from Bain Capital Ventures in 2011, which was awarded after six years of profitable growth. Bain also participated in the new funding round, along with ad industry veteran Michael Barrett, the former CEO of AdMeld and CRO of Yahoo.
Portions of this story first appeared in AllThingsD and AdExchanger.
The funding round follows rapid expansion of HookLogic’s network of e-commerce sites. The network now includes many of the world’s largest online retailers, marketplaces, travel agencies, and automotive sites. A key moment in the company’s growth was the February launch of the Retail Search Exchange, which enables brands to bid in real-time for top search placement across a network of major retailers. One of the first advertisers was Intel.
“The Retail Search Exchange has quickly become an incredibly efficient marketing vehicle,” said Rebecca Brown, Director of Media at Intel. “The platform enables Intel to promote the products we want and see closed-loop measurement of purchase activity. The return on spend and overall impact have been tremendous.”
Intel Capital engaged HookLogic in parallel and was impressed by the company’s growth, strong team and overall platform approach, leading to a decision to invest in the company.
"HookLogic enables brands to influence consumers at key decision points as they shop online, helping e-commerce retailers increase sales by further monetizing site traffic," said Intel Capital President and Intel Executive VP Arvind Sodhani. "We are excited to build on Intel’s relationship with HookLogic and look forward to providing the company with important connections to global brands."
“Intel is one of the most recognized global brands,” said HookLogic CEO Jonathan Opdyke. “And Intel takes an active role in helping to shape the digital future with relationships throughout the ecosystem. Bain and Intel Capital together represent an ideal match to help grow our network and deliver strong performance for our advertiser and publisher partners.”
The funding will be used to accelerate investments in sales and technology in order to empower more brands to reach in-market shoppers and sell more products.
“E-commerce sites are where consumers make purchase decisions and the searches inside those sites incredibly valuable,” continued Opdyke. “Our approach pushes the frontiers of search engine marketing to a whole new medium, one that is a step deeper in the purchase funnel than the typical internet search.”
With the financing, the company also plans to double the size of its Manhattan headquarters, which will move to TriBeCa. New hires are planned both in New York and in the company’s Ann Arbor office, which serves as a technology center and hub for its automotive division.
HookLogic, the global leader in commerce search advertising, enables marketers to influence in-market shoppers and Win the Moment of Truth™ on the world’s leading retail, travel, and automotive sites. Network partners and advertisers including Expedia, Target, AutoTrader.com, Chrysler, Intel, Newegg and Staples use HookLogic to increase sales and monetize site traffic with industry-leading solutions such as Retail Search Exchange, TravelAds, and AutoHook. Backed by Bain Capital Ventures and Intel Capital, HookLogic is headquartered in New York City, with offices in Ann Arbor, Atlanta, and London, UK. For more information on the Retail Search Exchange, please visit www.retailsearchexchange.com.
About Intel Capital:
Intel Capital, Intel's global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$10.9 billion in over 1,294 companies in 54 countries. In that timeframe, 202 portfolio companies have gone public on various exchanges around the world and 324 were acquired or participated in a merger. In 2012, Intel Capital invested US$352 million in 150 investments with approximately 57 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.
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