Digital marketing company TagMan has closed a $5 million (£3.1 million) Series B financing round after securing funding from Greycroft Partners and iNovia Capital.
The second round of venture capital funding takes the London headquartered business’s total financing to date past the $10 million mark and follows a $2.3 million Series A round in January this year.
Greycroft led the Series A financing for TagMan’s in a round that also attracted the backing of iNovia Capital and several business angels. In February 2010, the company secured $2.1 million in seed funding from Cambridge Angels and London Business School’s angel network Enterprise 100.
Chief executive Paul Cook founded the company in 2007. TagMan’s tag management software enables clients to manage online third party vendor tags and the data users provide. E-commerce businesses use tag management systems (TMS) to implement various marketing campaigns and track customers’ entire multi-touch attribution path to conversion in real time. TagMan clients have included Travelocity, Kellogg’s, Autotrader and Virgin Atlantic.
The company aims to increase headcount, particularly in sales and customer support services, at its London and New York offices, and ramp-up marketing campaigns with the investment.
Cook comments, ‘Data-driven online marketing is growing exponentially and tag management is the enabling technology that allows companies to unlock their data. Our growth reflects the shift towards better targeted marketing activities such as real-time bidding, personalization and social commerce.’
‘We’re always investing in the best quality product, infrastructure and people. Additionally, we expect to open several new sales and support offices over the next year, in Europe and North America. In the near-term we’ll be launching initiatives to drive greater adoption of our Tag Management technology – both directly and through partners.’
