Rocket Fuel Secures $3M in Venture Funding to Boost Operations and Technology Growth
Redwood Shores, CA (December 11) -- Rocket Fuel Inc. today announced that it has secured $3M in venture funding led by existing investor Mohr Davidow Ventures. Rocket Fuel plans to use the money to continue building its corporate infrastructure, scaling operations to service ongoing customer growth, and building an engineering team to further develop its proprietary real-time targeting and optimization technology platform.
Since launching its intelligent ad serving technology platform and hybrid ad network earlier this year, Rocket Fuel has experienced 265% quarter over quarter growth. Rocket Fuel has seen a tremendous increase in requests for customized, data-driven, and highly targeted display ad campaigns from many of the Fortune 500 companies. Rocket Fuel is seeing that more brand advertisers are demanding targeting and optimization that maximizes the efficiency and scale of their online display campaigns while delivering exceptional ROI.
“As investors, we look far and wide for inspiring teams that can change very large markets with differentiated technology,” said Bill Ericson, Managing Director, Mohr Davidow Ventures. “The easiest decision for an investor is to continue to back a strong team that has done what they said they were going to do. We are extraordinarily enthusiastic about Rocket Fuel and its execution, and simply delighted at the customer response – for a year-old company to have this kind of traction with leading brands and agencies is remarkable.”
“Online advertising hasn't changed significantly since the inception of the medium, except for one innovation from a little company called Google, which was to earnestly try to show ads that a user would find relevant,” said George John, CEO of Rocket Fuel Inc. “Overall people now think of search ads as a relevant complement to their searching activity. What if people thought of display ads that way too, with the same utility as book recommendations from Amazon, movie recommendations from Netflix, or friend suggestions from Facebook.”
George John further added, “We do display advertising better than anyone else because we’ve built a modern architecture that leverages all of the flexibility in new ad exchanges offered by Google, Yahoo and others. With this recent investment, we see a clear path to profitability in late 2010, and we'll be scaling to better address the demand we see for optimized display advertising.”
The company has closed $2.85M of the investment to date with additional commitments in December.
About Rocket Fuel Inc.
Rocket Fuel Inc. is the company bringing rocket science to online display advertising. Our company provides full-service media and campaign management to deliver better results faster for major agencies and brand advertisers like Infiniti and Lord & Taylor. Unlike self-serve platforms that burden media teams with learning new tools and executing complex campaigns manually, we make it easier – not harder – for advertisers to efficiently find and buy their target audiences. And unlike ad networks whose value-add is in a cobbled collection of sites or audiences, Rocket Fuel's data-driven advertising technology automatically tunes campaigns to an advertiser's key metrics – whether their objectives are brand-oriented or performance driven. If you can measure it, Rocket Fuel can optimize it. The Silicon Valley-based company was founded by veterans from Yahoo!, DoubleClick, Epiphany and salesforce.com. For more information visit rocketfuelinc.com.