Ad technology company Rocket Fuel has closed its second round of VC funding of $10 million next week. "Rocket Fuel uses prediction and automation techniques derived from rocket science (many employees are former NASA engineers)," a spokesperson for the company tells WebProNews.
Rocket Fuel's ad serving platform is used by agencies to buy online inventory on ad exchanges. It has conducted campaigns for brands like Infiniti, Domino's, and Lord & Taylor. The company's founders Richard Frankel and George John previously led Yahoo's behavioral targeting group, helping it grow to millions in revenue.
The new round of funding is led by Nokia Growth Partners with additional investment from new investor Northgate Capital and existing investors Mohr Davidow Ventures and Labrador Ventures.
"We chose Nokia Growth Partners because they have an excellent reputation among portfolio CEO's in Silicon Valley, a global footprint with offices in Europe, China, and India, and we trust Marc to be a thoughtful and helpful board member," said John. "We're proud to be working together to scale Rocket Fuel from a startup to a speedup."
"Northgate is a respected global fund that typically invests in companies at our stage via its investments in top-tier venture capital funds like Mohr Davidow, Kleiner and Sequoia," added John. "We were delighted at their direct interest given their expertise and network in media and advertising."
"We know firsthand that advertising is changing and Rocket Fuel is well-positioned to benefit as advertisers are increasingly looking for better results and innovative ideas," said Tommy Vardell of Northgate Capital. "We're excited to be involved and eager to help Rocket Fuel as it grows."
Rocket Fuel will use its new funding to expand its market presence in online display advertising.