PlaceIQ Nabs $15 Million in Funding

Mobile firm says revenue grew eightfold last year

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PlaceIQ has raised $15 million in a Series C funding round led by investor Harmony Partners, while Iris Capital has come on board as a financier for the first time.

New York-based PlaceIQ expects to expand its hyperlocal mobile advertising platform and audience insights for brands with the cash influx. It will also look to further its relationship with Publicis Groupe's VivaKi.

The vendor has automotive sector clients such as Meguiar's and generally competes with mobile companies like Tapad and UberMedia for retail and CPG accounts. PlaceIQ claims that revenue expanded eightfold in 2013, with headcount spiking by more than 70 employees while adding sales force in Chicago, Los Angeles, San Francisco and Detroit.

"Having expanded our business significantly over the past year by delivering on the promise of location intelligence for agencies and brands, this new investment is a vote of confidence in our vision," CEO Duncan McCall said, in a statement. 

@Chris_Heine Christopher Heine is a New York-based editor and writer.