In a sign of the strength of Facebook’s retargeting ad network, Facebook Exchange (FBX) partner Triggit has secured $6 million in additional funding, led by North Atlantic Capital.
FBX, which only officially launched last September, allows advertisers to target ads to site visitors when they are on Facebook. Triggit will use the funds to invest in engineering and staff to support Facebook’s news feed retargeting capabilities that debuted in March and other new product developments.
Triggit now claims to be the leading FBX retargeter with a reach of 1.1 billion monthly Facebook unique users. Zach Coelius, CEO of Triggit said in a statement, “For the next phase of Triggit’s growth, we’ll be deploying bigger and better dynamic creatives on Facebook’s News Feed, ensuring our clients benefit in time for the holidays.”
Triggit has focused on serving dynamic ads on Facebook by leveraging advertisers’ product feeds on their platform. The ad platform can then serve ads featuring the exact products a visitor viewed but didn’t buy on an advertiser’s web site.
Triggit sees customer growth still coming from sites with at least 2 million monthly unique visitors and retailers with hundreds of thousands of items in their product feeds. The company also works with large travel clients to implement dynamic “on-the-fly insertion” ads to retarget people with the exact location and date of the destination they were looking at back on their sites.
Roughly 70 percent of Triggit’s customers are based internationally, and the majority of ad impressions are also from International users. The company sees a huge boom in e-commerce activity in Latin America. In an internal Triggit study found that over a one month period, on average 8 percent of U.S. users were repeat converters versus 25 percent were in Brazil. The company attributes that success rate to Brazil’s high propensity to adopt social networking and willingness to make purchases online.
Triggit opened an office in Sao Paulo last quarter and is planning on hiring five to seven more full time employees in Brazil by the end of the year.