San Francisco-based startup Triggit has closed a $4.2 million funding round led by Spark Capital and Foundry Group. As part of the deal, Seth Levine (Foundry) and Santo Politi (Spark) will be joining Triggit’s Board. Triggit had previously raised $2 million in convertible debt; investors that convert as part of this round include Brett and Scott Crosby (Urchin); Asher Waldfogel (Peakstream, Tollbridge Technologies); Ben Narison (Fashionmall.com); Joe Spieser and Alex Zhardanovsky (Epic Advertising); Gilad Elbaz, (Applied Sematics); Reid Hoffman (Linkedin); TriplePoint Capital; DG Incubation, Joi Ito, Charles Sprincin, and Eric Stein.
As we’ve detailed before, Triggit is a demand side advertising platform that allows advertisers to bid on individual ad impressions in real time, based on the site the ad would appear on and who would see it. Since launching in October, the service has seen very strong growth — CEO Zachery Coelius says that the volume of ad impressions going through the system are increasing by around 200% a month. In December Triggit saw around 1 billion impressions today, and it’s now at around 15 billion ad impressions a day. The platform can bid on ads across nine different exchanges, and clients include the likes of Kaplan, Groupon, and major ad agencies.
The company competes with Invite Media (which was just acquired by Google), MediaMath, and X+1, though Coelius says that each platform has some key differences. He also notes that Google’s acquisition of Invite Media could make it difficult for that company to interoperate with other on-demand platforms.