Genesis Investments invests $500k in Lithuanian adtech startup RedTrack
Ukrainian venture capital fund Genesis Investments and Lithuanian Iron Wolf Capital invested in RedTrack.io, a SaaS ad tracking and conversion attribution startup. It has received $500,000 in seed funding.
The company will use the funds to build new machine learning functionality and improve the onboarding of new customers.
RedTrack is an ad tracker for media buyers, advertising agencies, and other businesses that advertise and buy online. Its tool allows you to make a real-time analysis of an advertising cost and each traffic channel efficiency, and collect all the data in one interface.
The funds raised will help RedTrack expand product features with machine learning and speed up the automation of the advertising purchase process.
“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, CEO of RedTrack.
According to Vitaliy Laptenok, General Partner at Genesis Investments, the digital advertising market is booming. According to eMarketer, it expects total media ad spending worldwide will reach $700 billion by the end of 2020. And although companies plan to cut advertising spending in 2020, Laptenok forecasts 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.