Redwood Shores, Calif. ( June 28, 2012) – Rocket Fuel, the leading provider of artificial intelligence advertising solutions for digital marketers, today announced it has secured $50 million in new financing. The round was led by long-term Rocket Fuel investor Northgate Capital, and included two new investors: Summit Partners, and Cross Creek Capital, the private equity affiliate of Wasatch Advisors. Existing investors Nokia Growth Capital and Mohr Davidow Ventures participated, as did Comerica Bank. Total Rocket Fuel funding now exceeds $76 million.
Rocket Fuel is on a rapid growth trajectory. Between 2009 and 2011, its compound annual growth rate exceeded 325%; in 2011 alone, the company grew revenue to $45 million and reached EBITDA profitability in Q42011. Rocket Fuel will use the infusion of new capital to accelerate its aggressive growth strategy. Rocket Fuel plans to expand into more international markets and invest in hiring, technology, and business development.
Over 700 of the world’s most successful marketers – including 66 of Advertising Age’s Top 100 Leading National Advertisers and 39 of the Fortune 100 – have trusted their digital display, video, mobile and social advertising with Rocket Fuel.
This story was first reported in AllThingsD.
Northgate Capital, LLC is a premier provider of alternative asset investments through fund-of-funds vehicles and direct investment vehicles. With more than $3 billion in committed capital, Northgate’s foremost objective is to be an integral partner to institutions and families by helping them earn consistently top-quartile returns from their alternative asset investments. Northgate’s portfolio funds are often oversubscribed, making participation extremely limited. For more information, visit www.northgate.com.
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $14 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 340 companies across a range of industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, London, and Mumbai. Notable software companies financed by Summit Partners include Hyperion Solutions, McAfee Associates, RightNow Technologies, SeaChange International, Unica, WebEx Communications and Wildfire Interactive.
Wasatch Advisors, Inc. is a global investment manager to institutions and mutual funds with over $11.7 Billion in assets under management and is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Wasatch Advisors’ private equity affiliate, Cross Creek Capital, is a venture capital fund focused on late-stage private equity investments in what it believes are the best-of-breed public companies of the future. More information is located at www.crosscreekcapital.com.
Rocket Fuel is the leading provider of artificial intelligence advertising solutions that transform digital media campaigns into self-optimizing engines that learn and adapt in real-time, and deliver outstanding results from awareness to sales. Recently awarded #22 in Forbes Most Promising Companies in America list, over 700 of the world's most successful marketers trust Rocket Fuel to power their advertising across display, video, mobile, and social media. Founded by online advertising veterans and rocket scientists from NASA, DoubleClick, IBM, and Salesforce.com, Rocket Fuel is based in Redwood Shores, California, and has offices in fifteen cities worldwide including New York, London, Toronto, and Hamburg.
©2012 Rocket Fuel Inc. All rights reserved. Rocket Fuel Inc. is a registered trademark of Rocket Fuel Inc. in the U.S. and/or other countries. All other trademarks are the property of their respective owners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.