Social network ad platform developer Taykey Inc. has closed a Series C financing round of $6 million from Tenaya Capital, a new investor, and previous investors Sequoia Capital, SoftBank Capital, and Marker. The company has raised $17 million including the latest financing round.
Taykey said that the funds would support its rapid pace of growth and added that it had hired two new senior executives Adam Klee who becomes VP media operations and Carmit Tevet-Kuzy who becomes VP finance. The company is also expanding its sales, engineering, ad operations, and product teams.
With over 100 campaigns run to date in 2013 and over 50% of the client base repeat clients, Taykey said that revenue is projected to exceed 8 figures this year, representing 300% growth over 2012.
Taykey strives is to make brands more real-time by delivering ads based on what is topical for their audiences. The company's patent-pending technology harnesses deep insight into content as it emerges across various social media platforms to identify audiences' real-time interests. Using real-time data and an innovative, patent-pending algorithm, Taykey's media buying platform helps brands deliver advertising more effectively.
Taykey was founded in 2008 by CEO Amit Avner, CTO Omer Dror, and Itay Birnbaum. Headquartered in New York, the company's development center is in Herzliya with additional sales offices in Chicago, San Francisco and London.
Avner, said, "As we approach profitability this year, we determined that the time was right to take a small investment to enable us to expand our personnel and fuel even more rapid growth in the near term. Our success is demonstrated by the caliber of the talent we are bringing into the company from some of the best companies in the industry."
Sequoia Capital general partner Douglas Leone said, "Taykey is creating a new channel for advertising to enable brands to be agile and responsive to what their audience is paying attention to in real time. Their revenue and talent growth in the last year proves the market's desire for topical advertising."
Published by Globes [online], Israel business news - www.globes-online.com - on July 18, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013