Buysight Completes $8 million Series B Financing
March 21, 2012
New financing to expand platform for driving retail sales; appoints former Microsoft Exec Brian Ball Vice President
Palo Alto, CA–March 20, 2012–Buysight, a leading retargeting and performance display advertising company, announced today that it has received $8 million in its second round of venture capital funding. Existing investors ONSET Ventures and Rembrandt Venture Partners led the Series B round. The latest round takes Buysight's total funding to date to $18 million.
"Data-driven, intent-based advertising has proven to be the formula to make online display ads work for retail and other businesses that previously only considered paid search marketing," said Armin Ebrahimi, Buysight's CEO. "Buysight's growth reflects the effectiveness of our retargeting campaigns; our client base and revenue have increased more than 5x over the past 12 months. We are continuing to invest in our best-in-class advertising platform, growing our engineering and operations teams, and expanding our sales force. While retargeting — our core offering — has been recognized in the advertising industry as a must-do marketing tactic for driving retail sales, it is only now being built into the plans of the vast majority of online retailers, and we see huge growth for us in the months and years ahead."
To help manage its rapid growth, Buysight also announced today that it has hired Brian Ball as its Vice President of Business Operations and Account Management, reporting to the CEO. Ball was previously SVP and GM of Application Delivery Networking at Blue Coat Systems, Inc. and before that was Microsoft's CTO for Europe, the Middle East, and Africa (NASDAQ: MSFT). Ball brings a wealth of operational and technical experience to Buysight and will focus on the company's media-buying operations, client-side campaign optimization systems and service, and other revenue-generating activities.
After a year of rapid growth serving its retail clients, Buysight has outgrown its Palo Alto headquarters and in April will be moving into new offices in Sunnyvale, CA. With triple the space of its current offices, the company is well positioned to nearly double its employee base in the next 9 months.