LAWRENCEVILLE, NJ, June 7, 2012 – Edison Ventures proudly announces leading $10M growth financing of Magnetic. New York–based Magnetic is an emerging advertising leader in search retargeting for brands, media agencies and direct marketers. Edison’s $8.0M investment accelerates national sales expansion, fuels product innovation and increases vendor partnerships domestically and abroad. Co-investors include Charles River Ventures, IA Capital Partners, Neu Venture Capital, NYC Seed and NYC Investment Fund.
Magnetic harnesses the highest form of consumer intent to execute brand and performance campaigns within the multi-billion dollar online display and rich media market. Consumers spend 96% of their time on websites outside of search engines. Magnetic bridges the gap for advertisers by combining search intent with display media. The combination of search data and display advertising enables brands to target and reach consumers where they spend their time with relevant intent-based ads at scale.
“Magnetic’s value proposition is differentiated, straightforward and powerful. The company processes billions of targeting events and the results are compelling,” remarked Ryan Ziegler, Edison Principal who led the investment. “Magnetic delivers intent-based ads around the web enabling search extension, strengthening purchase intent and brand amplification to compete outside the finite search box,” commented Joe Allegra, Edison General Partner. “Marketers like the solution since they reach consumers in specific consideration phases of the decision process,” noted Tom Vander Schaaff, Partner who led diligence. “We are excited to partner with management and Magnetic’s growing team,” noted David Nevas, Principal.
“Edison Ventures is the right strategic capital partner for Magnetic,” stated James Green, CEO. “I’ve worked with Edison Ventures before -- they have a deep understanding of the media marketplace and know how to support entrepreneurs build market leaders. We’re excited to have Ryan Ziegler join the Board. He brings industry expertise, operational support and the power of Edison’s network to sustain rapid growth of Magnetic’s search data management platform.”
Magnetic marks Edison’s 17th investment in New York. It is part of Edison’s growing interactive marketing and digital media portfolio. The Interactive Marketing and eCommerce industry segment includes investments in advertising technology, digital media, interactive marketing, eCommerce, mobile and the social media economy. Notable investments include ACT! (Sage), Cadient, Dendrite (Cegedim), Fishbowl, Lifebooker, MediaBrix, Motionsoft, Neat, NetProspex, Operative, PlumChoice, Salsa Labs, SMTN, SnapMyLife, Sonicbids and Vocus.
Magnetic combines the power of search with the scale of display advertising, reaching consumers who have signaled purchase intent where they spend 96% of their time – on news sites, blogs, e-commerce sites and social networks. As the partner of choice for hundreds of brands, Magnetic’s search retargeting capabilities and proprietary keyword generation solution power both brand awareness and direct response campaigns, enabling advertisers to target and engage users outside of the search engine with creative messages.
Headquartered in New York City, Magnetic also has offices in Chicago, Los Angeles and Detroit. For more information please visit www.magnetic.com.