Social advertising technology company Adaptly has closed a $10.5 million Series B round of funding led by Valhalla Partners, with participation by additional new investors Time Warner Investments and Vivi Nevo, along with all existing investors, including First Round Capital.
The company said the capital will go toward product development, international growth and expansion of its sales team.
That fits in nicely with Adaptly’s other news today, the release of its Evergreen social advertising optimization product. Evergreen determines which pieces of a brand’s social media content are performing the best, then converts them to paid media opportunity placement.
Evergreen has launched with two giant partners: Kraft is its initial advertiser and Facebook is its only distribution platform so far.
“This represents a fundamental shift in value for social marketing,” said Nikhil Sethi, CEO and co-founder of Adaptly. “Paid is only as good as the content behind it, and content is only as good as how many people it reaches. Adaptly aims to solve these marketing problems with Evergreen by giving brands the power to maximize the reach of their highest quality content.”
Adaptly was incubated through DreamIt Ventures, and its clients include brands and agencies such as PepsiCo, Diageo, Showtime, Big Fuel, Kraft Foods and more.
“Adaptly is fundamentally changing the traditional advertising model,” Kiran Hebbar, general partner, Valhalla Partners. “We’ve had the fortune of investing in several disruptive advertising technology companies, and are very pleased to become a part of the next age of advertising with Adaptly.”
Related links:
Adaptly – press release
Adaptly – blog post
Adaptly – official site
GigaOm – Adaptly launches reach amplification ad product, raises $10.5m
Vator News – Adaptly snags $10.5M, unveils new social marketing tool
Photo by Flickr user Refracted Moments, used under Creative Commons license
