Nanigans Raises $5.8m for Ad Targeting Platform

Ad targeting technology specialist Nanigans has closed a $5.8m Series A.1 round of funding, which it will use to enhance its existing mobile products, and expand into verticals including retail. The funds will also enable it to hire new staff in Boston, New York, San Francisco and London.

Nanigans provides a fully automated real-time bidding platform for the Facebook ads marketplace, while its Ad Engine platform enables marketers to automate the process of delivering social media ads at scale, and measure, predict, and optimize ad spend for lifetime return-on-investment (ROI).

Multivariate creative testing identifies the best performing ad option for each target audience segment, and the firm uses behavioral and demographic targeting tools to identify keywords and interests that perform well. In addition, clients can access reports and analytics detailing the performance of their campaigns, featuring data on creative, audience and campaign levels.

The firm's new funding has been led by Avalon Ventures, which also provided its Series A funding of $3.1m in 2011. The initial investment has been used to grow the team from fifteen to 100 employees, and open four offices in North America and Europe.

Nanigans CEO Ric Calvillo (pictured) comments: 'We're at a point of confidence with the progress we've made as a result of our Series A funding, and it's now time to enter the next phase of the Nanigans story.'

Web site: www.nanigans.com .