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The Bay Area company, which brings together search, feed, ads and promotions for marketplaces, announced it took in an additional $6 million in seed funding to bring its total amount raised to $8 million. At the time of the first seed, the company was working with customers like SnackPass and Hipcamp, and since then, has added more, including Outschool and Teachers Pay Teachers. Over the past 12 months, the company tripled its revenue, so building on that momentum, Yates intends to deploy the funding into hiring additional engineers, technology development for building out Promoted’s infrastructure, its data optimizing and measurement capabilities and putting some away in the company’s “war chest.”Going forward, the company will focus on promotions. In addition, the company is building out a community of its marketplace customers with the ultimate goal of creating a kind of “ads networking” component where customers can pull ideas from each other.“Lately, we’ve seen product management teams at one customer wanting to swap tips with another marketplace, so we are building a community of experts,” he added. We are seeing bigger scales and more efficiency, and now we are doubling down with connectivity.”For many marketplaces, those search, recommendation and ad functions are typically siloed, but Promoted has them all under one umbrella with data measured and optimized, using artificial intelligence, in real time.
