Clickable, a well-known maker of a dashboard designed to help advertisers maneuver their online marketing campaigns, has closed on a $3 million series A financing round led by Pequot Ventures and Union Square Ventures.
The New York City-based company’ software allows advertisers to track and analyze campaign spending, performance, and gives them the ability to set up automated alerts to be informed as conditions change.
Clickable chief executive David Kidder explained the need for more technology, “Paid search spending by small and medium-sized businesses makes up nearly half of the search advertising marketplace, yet this market segment remains significantly underserved by agencies and tools.”
Senior vice president of Pequot Ventures, the venture-capital arm of hedge fund Pequot Capital Management, Rick Heitzmann said that his firm had heard many pitches before choosing Clickable. “We spend a lot of time in the media and advertising space and met with a lot of companies over the years focusing on online advertising. This provided a real solution in making online advertising really simple.”
Clickable is currently doing a closed beta test on the software that will officially launch later this year. The company mainly targets small to medium-sized businesses, however this software may just allow them to start looking into enterprise.
“Clickable is the first company to create a product where marketers can simply signup and start managing their online spending with transformational ease and impact,” said Kidder.
Other funders of the venture include Schoffstall Ventures, Monster Ventures and angel investors.
“Most people are managing their spending using spreadsheets,” Heitzmann said, adding that Clickable is carving out its own category in the market.