Intent Media, a marketing intelligence solutions provider focused on the travel industry, has closed $22.7 million in Series C.
The round was led by NYC-based Insight Venture Partners, with additional participation from existing investors Matrix Partners and Redpoint Ventures.
Intent Media launched its advertising products in 2010, and the following brands are on the current client roster: Orbitz, CheapTickets, Expedia, Lastminute.com, Travelocity, HotelClub, and Hipmunk. The company's products offer data-driven advertising that targets browsers who may not necessarily be ready to make a transaction during the visit - this increases engagement for consumers and profit for websites, while also bringing more qualified leads for advertisers. Current products include Property Price, Search Compare, and Sponsored Search.
Insight Venture Partners' Bradley Twohig will join Intent Media's board.
Twohig said in the announcement:
Intent Media creates valuable new revenue streams for online travel companies and provides travel advertisers with higher return on their marketing spend through more effective targeted ads. This is a win-win situation for consumers and travel brands.
The company’s complex, real-time consumer decisioning technology sets the standard for innovative advertising solutions that are globally relevant. We are thrilled to support Richard and his team as they continue their worldwide expansion.
CEO Richard Harris says that the investment will continue boosting growth, which saw current year-over-year revenue triple. Investments will be made to accelerate global expansion, including an office in London to continue growing the recent launch in Europe. Hiring will be ramped up to include engineers and data scientists focusing on enhancing the current product lineup and to develop new products.
The company also says it will be seeking new applications of its technology in "other e-commerce categories who are looking to increase media revenue while protecting their core transaction business."
NB: Bullseye image courtesy Shutterstock.