The Facebook Exchange hasn’t only brought ad tech firms a new revenue stream with advertisers looking to retarget users on the social network. For demand-side platform (and FBX partner) Triggit, it’s also brought a new $7.4 million funding round led by VC firms Spark Capital and Foundry Group and joined by previous angel investors.
Triggit told the prospective investors about FBX in the spring, said Triggit CEO Zach Coelius. After FBX launched and the investors saw how it performed, “they came to us and made an offer we couldn’t refuse,” Coelius said, declining to state Triggit’s valuation. However, Coelius did say Triggit has raised $13.4 million to date and is near profitability. He wouldn’t disclose Triggit’s revenues but said revenue is up 300 percent since FBX launched, with 90 percent of that new revenue attributed to the Facebook business.
With FBX driving so much of Triggit’s bottom-line growth, is there a danger that the company would become too dependent on FBX and ignore its traditional online advertising business? Nope, said Coelius. Instead, Triggit is bringing on new customers interested in advertising through FBX who see those campaigns perform well and begin to use Triggit to run campaigns through other exchanges. “We anticipate we are going to be growing the other [non-FBX] part of the business significantly in the new year,” he said.
Triggit has already grown its workforce by 50 percent during the fourth quarter, and Coelius said he “[would] be surprised if we didn’t double in size in the next six to twelve months.” Catalyzing that growth will be Coelius’s plans for international expansion in 2013. Triggit is one of the only DSPs able to run ads through FBX internationally and now has more international business than in the U.S, Coelius said, so he aims to open offices in Europe, Asia-Pacific and Latin America as early as January with two or three up and running before the end of the first quarter. “Our goal is to keep the revenue coming in and use the new money to invest in new markets,” he said.