Drawbridge Preps Cross-Device Analytics Expansion With $25M Third Round Funding
The round comes follows the company’s late 2015 announcement that it would expand its capabilities to include daily reporting on store visits.
Cross-device analytics and programmatic provider Drawbridge has raised a $25 million third round funding designed to help the company further expand its cross-platform capabilities — even beyond the world of advertising.
Drawbridge has been developing its targeting and analytics capabilities for several years, having raised a $14 million Series B in 2013 to apply toward the “holy grail” goal of reaching the right consumer, at the right time, on the right device. Now, the company has discovered the value of offering that cross device data to other companies.
According to Tech Crunch, this funding will allow Drawbridge to “double down” on its expansion beyond ad tech, potentially delivering data to a variety of companies for purposes including website personalization, fraud detection, and marketing automation.
The funding round, led by Sequoia, comes on the heels of the expansion of Drawbridge’s analytics to include daily reporting on store visits.
As we wrote at the time of the announcement, considering that an estimated 93 percent of shopping happens in physical stores (as compared to e-commerce channels), place-based attribution insights are of paramount importance to physical retailers.
“The problem around attribution typically looks like this: let’s say you run a campaign in December,” Rahul Bafna, Drawbridge’s VP of Product Management and Partnerships said at the time. “You don’t get the results until mid-January. It’s usually on a monthly basis at the end of the campaign. We wanted to cover all types of conversions in our dashboard, not just those that happen on phone or desktop, but ones that happen offline as well. Secondly, we wanted to digitize that data and see all those conversions in one place to make it easy for those clients who use our self-serve reporting or those who use the managed services.”
Now, as the demand for cross-device data continues to grow rapidly, CEO and founder Kamakshi Sivaramakrishnan sees the potential for increasingly diverse applications.
“Adtech applications were one avenue that demonstrated the value of cross-device data,” Sivaramakrishnan said in a statement. “But now with this funding and our growing adoption by brands and enterprises, Drawbridge has the runway to become the largest independent cross-device identity solution in the market.”