Cardlytics, a targeted advertisement company, has received $70 million in funding led by Discovery Capital. The financing, which will be used to extend and expand the company's capabilities, is the first raise since Cardlytics brought in a $40 million in May 2013. Its technology helps businesses target marketing campaigns to audiences based on recent purchase histories, including purchases made outside of their own stores. Previous investors in Cardlytics, which has raised around $170 million in VC to date, include Canaan Partners, Kinetic Ventures and Polaris Partners, among others.
Companies offering targeted advertising solutions are constantly coming up with new ways to make their clients' marketing efforts more efficient and effective. Whether targeting behavior, demographics, geography or purchase history (among other things), these companies help advertisers reach the consumers who are most likely to buy (into) their product. Although targeted advertising can be a thorn in the side of consumers, it benefits businesses immensely—and that's something that has gotten the attention of VC investors.