Compass Labs, the science behind intelligent social media advertising, announced today that it has secured $6 million in funding from New Enterprise Associates (NEA) and Presidio Ventures. Compass Labs will leverage the funding to further invest in the Compass Labs IQ (CLIQ) social media advertising platform, increase sales and marketing efforts and expand into international markets.
Compass Labs recently announced enhanced capabilities to the CLIQ platform that provides agencies and brands a self-service or fully managed advertising platform that makes targeted, scalable social media ad campaigns easy to execute and measure. The first of its kind, CLIQ is an advanced and proprietary platform that helps brands effectively and cost efficiently reach and actively engage users of social media. CLIQ's simple, yet sophisticated ad campaign management tools, analytics and insights, provide advertisers with advanced targeting, unique audience and competitor insights, and a better understanding of customer engagement across social networks.
"NEA is excited to partner with businesses that are leading the transformation in how we connect data and customers," says NEA general partner Kittu Kolluri. "Compass Labs is uniquely poised to take the revolution in social media to its next phase by providing more relevant intelligence from this exploding platform and making it usable for all stakeholders."
"We are convinced that Compass Labs has built the best technology in the industry with CLIQ, its social media advertising platform," says Shun Aramaki of Presidio Ventures. "This investment will help facilitate the development of new technology at Compass Labs and support its expansion into new markets."
Compass Labs continues to see strong growth of the CLIQ platform and resulting adoption from ad agencies and brands. Stemming from its U.S. success, Compass Labs plans to utilize this Series B funding to expand internationally by year-end. Headquartered in the heart of Silicon Valley, Compass Labs has achieved significant growth and continued revenue momentum since its launch in 2009.
"This new area of social media intelligence will introduce new players, new data sets and new customer behavior metrics," says Compass Labs co-founder and CEO Dilip Venkatachari. "This funding will help us stay one step ahead of these changes and make Compass Labs the company that provides agencies and brands the right set of tools to maximize advertising effectiveness across social networks. We have the best partners in NEA and Presidio Ventures to help us do that."