Zeotap on Tuesday said it has raised an additional USD 18.5 million (about Rs 137.7 crore) in its series C funding round from data-driven venture capital firm SignalFire. Zeotap is a customer intelligence platform (CIP) that helps brands better understand their customers and predict behaviours.
The latest investment was made from SignalFire’s Breakout Fund for growth-stage companies and is an addition to the USD 42 million announced earlier this year, bringing the total series C round to USD 60.5 million, a statement said.
Proceeds from this extension round, which closed in November, will be invested in the customer data platform (CDP) and ID+ universal marketing identity products as well as to accelerate the adoption of its platform across its 14 active markets, it added.
“COVID-19 has catalysed a transformation in the marketing mix as brands invest in their data and learnings to redirect traditional TV budgets to more effective channels. Our investment in Zeotap is testament to our belief in the company’s leadership, vision, and its rapidly evolving customer intelligence platform (CIP) with a built-in identity solution for the future of marketing named ID+,” Chris Scoggins, Venture Partner at SignalFire, said.
Projjol Banerjea, founder and Chief Product Officer of Zeotap, said few solutions can actually deliver on fundamental industry-agnostic customer data requirements for brands, and can power everything from real-time personalisation to ML-based analytics for better marketing outcomes.
“Even fewer options exist for advanced marketers to augment first-party data with curated external assets within the same platform,” he added.