Got Funds? LocalReponse Checks $5 Million Into the Bank
ADOTAS – Check-in based targeter LocalResponse, which we profiled back in May, has garnered $5 million in additional equity financing from new investors Cava Capital, Vodafone Ventures, Advancit Capital, and Progress Ventures, as well as existing investors Metamorphic Ventures, Extreme Venture Partners, FF Ventures, Acadia Woods Partners. Jim Pallotta and more. The funding will go toward beefing up the sales team nationally, improving the enterprise version of its ad solution for brands and agencies, and adding further distribution channels for its ads.
LocalResponse aggregates actual check-ins from location-based social networks such as Foursquare with implicit check-ins based on natural language processing of shared activities and geo-location tags. Brands can then reach out to their “checking-in” consumers through the platform with offers, discounts, etc. in real-time over Twitter. The company reports an average click-through rate of 40%.
“We’re super excited to have investors who believe, in making the holy grail of location-based advertising come true,” commented CEO and cofounder Nihal Mehta, who we profiled last year. “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.”
More than 40 major brands have used LocalResponse’s service, including Coca-Cola, General Motors and Verizon. In addition, the LocalResponse platform serves as a resource for merchants to identify and communicate with their best customers and social influencers.
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