Noted: By focusing on smaller companies, Denver ad-technology firm Choozle said revenues and staff tripled in 2016, giving it the growth needed for Tuesday’s announcement: It added $2.4 million in venture capital.
“Catering to independent advertising agencies has allowed us to grow within an underserved market by traditional enterprise ad-tech,” said Andrew Fischer, Choozle’s CEO and co-founder.
The company, which offers a self-service way for ad agencies to target key consumers based on data, also became profitable during the fourth quarter of 2016.
Some funds will be used to expand its workforce of 30 people to 50 employees by the end of the year, Fischer said.“This will allow us to expand our development/engineering team as well as customer support and sales teams,” he said.
But it could be a rough year for the online advertising market; ad-spending growth is expected to slow down in 2017, according to a Wall Street Journal . The company predicted 3.6 percent spending growth this year, compared to the 5.7 percent growth in 2016.
Choozle believes its self-service platform will be sustainable because it continues to add new product features.
The company, founded in 2012, has raised $8.6 million in venture funding to date. The latest A-1 round came from existing investors, including Great Oaks Venture Capital.
