Funding Enables Nanigans to Amplify Early Successes Across Mobile, Growing Verticals and International Expansion
Boston – April 23, 2013 – Nanigans, the lifetime value based advertising technology company, announced today that it has closed $5.8 million in Series A.1 funding. This round of financing allows Nanigans to enhance current mobile product offerings, expand on successes in growing verticals such as retail, as well as continue hiring across its Boston, New York, San Francisco and London offices. The funding is led by Nanigans Series A lead investor, Avalon Ventures, based in Cambridge, Mass.
CEO Ric Calvillo reflected on the accomplishments achieved by Nanigans with its 2011 Series A funding of $3.1 million – which included growth from 15 to 100 employees, 4 office openings across North America and Europe, over 200 customers, over 9-figures in annual ad spend and 6X revenue growth – by saying,
“We’re at a point of confidence with the progress we’ve made as a result of our Series A funding, and it’s now time to enter the next phase of the Nanigans story.”
Nanigans, which has always operated to breakeven metrics, will remain focused on developing technology that drives value for its customers, investors and employees, with Calvillo sharing that, “additional capital will not change our lean-minded approach to growth and business operations.”
Rich Levandov, Managing Director at Avalon Ventures and who has helped advise Nanigans over the past 3 years echoed Calvillo, highlighting that,
“Considering what Ric and the team at Nanigans has accomplished with the initial round of funding, it will be truly exciting for not only Avalon Ventures, but the entire industry to watch Nanigans scale across global hiring, product development and growing verticals with the latest round of $6 million. This team is laser focused on forever changing the way the ad-tech industry thinks about advertising at scale.”
With the latest round of funding, Nanigans will focus on three core growth areas:
- Mobile Development: Nanigans will continue to expand its paid social offerings and will vastly ramp up mobile efforts, which have recently grown to account for one-third of the company’s revenues.
- Vertical Diversification: Nanigans has experienced strong success in rapidly growing verticals including retail, travel, gaming and online-based companies over the past 12 months and will continue to focus on vertical specific capabilities.
- Global Expansion: Hiring will be focused across Product, Engineering and Customer Success teams in North America and Europe, where Nanigans recently opened an office in London.