HookLogic Closes $14.3 Million Investment Headed by Intel Capital
Sep 12, 2013 (Close-Up Media via COMTEX) --
HookLogic, a provider of commerce search advertising, reported that it has secured a $14 million Series B growth investment.
According to a release, the new financing, which was announced, was led by Intel Capital and follows a $9.5 million investment from Bain Capital Ventures in 2011. Bain also participated in the new funding round, along with ad industry veteran Michael Barrett, the former CEO of AdMeld and CRO of Yahoo.
The company noted that portions of this story first appeared in AllThingsD and AdExchanger.
Further, the funding round follows rapid expansion of HookLogic's network of e-commerce sites. The network now includes many large online retailers, marketplaces, travel agencies, and automotive sites. A key moment in the company's growth was the February launch of the Retail Search Exchange, which enables brands to bid in real-time for top search placement across a network of major retailers. One of the first advertisers was Intel.
Intel Capital engaged HookLogic in parallel and was impressed by the company's growth, strong team and overall platform approach, leading to a decision to invest in the company.
"HookLogic enables brands to influence consumers at key decision points as they shop online, helping e-commerce retailers increase sales by further monetizing site traffic," said Intel Capital President and Intel Executive VP Arvind Sodhani. "We are excited to build on Intel's relationship with HookLogic and look forward to providing the company with important connections to global brands."
"Intel is one of the most recognized global brands," said HookLogic CEO Jonathan Opdyke. "And Intel takes an active role in helping to shape the digital future with relationships throughout the ecosystem. Bain and Intel Capital together represent an ideal match to help grow our network and deliver strong performance for our advertiser and publisher partners."
With the financing, the company also plans to double the size of its Manhattan headquarters, which will move to TriBeCa. New hires are planned both in New York and in the company's Ann Arbor office, which serves as a technology center and hub for its automotive division.
Intel Capital, Intel's global investment and M&A organization, makes equity investments in technology start-ups and companies.
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