Resonate Networks, the online targeting and advertising firm, has raised $5 million in venture capital funds to help expand the company’s client base and increase audience research, the firm announced Wednesday.
Resonate Networks, the online targeting and advertising firm, has raised $5 million in venture capital funds to help expand the company’s client base and increase audience research, the firm announced Wednesday. The funds, invested by Greycroft Partners and iNovia Capital, will be used to finance research and development into Resonate’s patent-pending Attitudinal Targeting marketing strategy. In their unique targeting approach, Resonate directs online advertising to certain audiences based on the consumer’s attitudes and beliefs, not just their online browsing behavior. “We have seen so many me-too targeting companies that use browsing behavior as a substitute for intent,” John Elton, of iNovia Capital, said in a statement. “The results are in and that methodology doesn’t work. There are no shortcuts. You have to do the research if you want to find consumers with a propensity to buy your product.” Resonate’s targeting method is innovative in that it helps advertisers better connect and engage with their desired customers, according to Greycroft Partners’ founder and managing director, Alan Patricof. Up until now, Resonate has been using their own method of audience targeting to help political campaigns and advocacy organizations expand their advertising base. This investment will allow the firm to branch out into brand and corporate advertising. “This round of investment, in addition to our customer successes, continues to validate attitudinal targeting and our groundbreaking approach to audience delivery,” said Resonate CEO Bryan Gernert. With the new funds from Greycroft and iNovia also comes Ian Sigalow, a partner at Greycroft, who is now the newest member of Resonate’s Board of Directors. Anna Chambers is an editorial intern at C&E.