Founded back in 2007 by former PayPal, eBay, Luminex and Tesla Motors execs, MaxPoint Interactive this morning announced that it has secured its second round of funding to the tune of $8 million, led by Madrona Venture Group.
Trinity Ventures, which led MaxPoint’s initial financing round of $3 million in 2010, also participated.
MaxPoint offers advertisers proprietary targeting technology that allows its clients to “pinpoint” prospects up to neighborhood level, in a bid to increase in-store sales for brands across a variety of sectors.
The company’s system, which it says is already in use by consumer packaged goods brands, retailers, pharma companies and financial service organizations, is said to employ two unique technologies to drive in-store purchases for national and local brands.
By combining multiple data sets to form what it refers to as “Customized Neighborhood Profiles”, MaxPoint says it is able to identify the best potential customer for any brand – those that are both interested and capable of purchasing the product.
To accomplish this, MaxPoint draws from point-of-sale data from more than 65,000 retail stores nationwide, demographics, psychographics and other publicly available data sources – pretty much everything apart from personally identifiable information, in other words.
Subsequently, the company uses its so-called Digital Zip technology to find the best neighborhoods across the U.S. for the product or service in question, based on the characteristics of the people who live there.
The company says it recently moved its sales office in New York City to a larger location in Manhattan and also expanded its sales team.
Our proprietary technology uniquely combines online and offline data to help you Pinpoint your online target audience at the neighborhood level. Get superior results from highly engaged consumers and gain campaign insights with business intelligence. Maximize impact by delivering the message that’s most relevant to your Prime Prospects. Minimize wasted impressions by only reaching customers with a demonstrated interested in your product.
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