Today Lithuanian startup RedTrack.io, a SaaS ad tracking and conversion attribution company, has announced receiving around €425K in seed funding from Genesis Investments and Iron Wolf Capital. The funds will be used to build new machine learning functionality and improve onboarding in RedTrack.
Founded in 2018, RedTrack offers media buyers and ad agencies a sophisticated tool for analyzing their advertising investments and enabling them to improve performance with data-driven decisions. RedTrack reduces the inconveniences involved in recognizing the return on investment of multichannel advertising spend by consolidating the data across all the campaigns in one easy to use UI.
The solution is based on non-privacy intrusion techniques making it a smart choice in the wake of changes implemented by web-browsers that will lead to the demise of 3rd party cookies by 2021.
RedTrack serves the needs of media-buyers across multiple verticals, with the product currently giving the biggest leverage to ad agencies, e-com, and affiliate marketers – customers who need accurate performance data across multiple channels and conversion events real-time.
The funding will help RedTrack to advance product offering, accelerate its commitment to automate media buying experience and use machine learning to ease data-related challenges faced by the media buyers.
“I have been in digital marketing since 2000 and every trend of the past years has left an imprint on my experience. Tools and techniques change but one thing remains common though all those changes – conversion attribution analytics. We created RedTrack.io to be a digital channel-agnostic tool helping media-buyers consolidate their activities and data. As we grow we now aim at applying machine learning to augment human intelligence in the insights discovery process”, says Vlad Zhovtenko, RedTrack’s CEO.
The startup successfully combines fast feature development and responsive customer service to gain the trust of its customers now counting in hundreds. In just one year RedTrack has been awarded for excellent support 3 times in a row.
“This investment underscores several important trends. The digital advertising market is booming. Under the impact of the COVID-19 pandemic, online advertising market’s growth rate is still positive. While companies are planning to decrease ad spend in 2020, we will still see a +7% growth compared to 2019. Marketing budgets will get smaller but marketers will more closely monitor the effectiveness of every advertising dollar. In the face of such a strong focus on efficiency, the need for an accurate and affordable ad control tool becomes urgent and immediate. This is why we were so excited to back RedTrack,“ commented Vitaliy Laptenok, General Partner at Genesis Investments commented.
