nTOGGLE RAISES $5.6 MILLION IN SERIES A FUNDING
Veteran Ad Tech Team, Top VCs and Industry Angels Focus on Bringing Heightened Efficiency and Transparency to Programmatic Advertising
BOSTON, February 3, 2015 – nToggle, a Boston based company in stealth mode, announced today it closed $5.6 million in Series A funding, led by Sigma Prime Ventures and Bessemer Venture Partners (BVP).
Founded by ad tech veteran Adam Soroca (former chief product officer at Jumptap, acquired by Millennial Media), nToggle uses a proprietary algorithm-driven software platform to help supply and demand partners manage their ever-expanding bid stream. The company’s big data platform “toggles” real time bidding requests across all digital media, utilizing the latest analytical and machine learning techniques to optimize supply and demand matching.
nToggle hits the market as companies on all sides of the media equation recognize the rapid shift to programmatic advertising but struggle to address the complex and fast-moving tidal wave of programmatic inventory.
“Having lived through the first stage of the programmatic gold rush, we see the opportunity for a neutral third-party platform to accelerate the path to the programmatic future,” said Soroca, nToggle CEO and founder.
“As digital advertising seeks programmatic outlets, we believe nToggle’s platform will help to increase the velocity at which the dollars migrate to the channel,” said Sigma Prime Ventures Managing Director John Simon. “Unlike other platforms, nToggle doesn’t compete with programmatic buyers and sellers. We immediately jumped at this deal because the team’s ambition is to help all programmatic advertising technology companies generate stronger programmatic ROI faster.”
“We’ve only recently witnessed a wave of successful ‘Ad Tech 2.0’ companies catalyze the programmatic revolution,” observed BVP Partner Kent Bennett. “We think the nToggle platform represents another step forward in this ad tech renaissance and are thrilled to back these extraordinary ‘3.0’ entrepreneurs.”
nToggle is surrounded by industry experts with deep digital experience. The team features digital leaders from Ad.com/AOL, Boston Technologies, Jumptap/Millennial Media, Kayak, Media Crossing, Microsoft and Twitter. Notable angel investors with deep digital advertising roots include Mike Baker, DataXu CEO; Ric Cavillo, Nanigans CEO; John Hadl, investor and industry veteran; Eric Roza, DataLogix CEO; Howie Schwartz, former founder and CEO of Human Demand; Chris Scoggins, DataLogix SVP/GM; and Sourabh Niyogi, co–founder, CEO MdotM. George Bell, former Jumptap CEO, and Hadl, who was a Jumptap board member, will also serve as independent members of the Board of Directors.
“We are excited by the incredible support we received for our vision from savvy industry leaders, world-class investors and partners,” added Soroca.
nToggle’s beta rollout is expected later this quarter with industry leading supply and demand partners.
nToggle delivers heightened efficiency and transparency for buyers and sellers amidst the rapid rise of programmatic advertising. Its algorithm-driven software platform helps supply and demand partners manage the ever expanding bid stream. nToggle’s big data platform “toggles” real time bidding requests across all digital media utilizing the latest analytical and machine learning techniques to optimally match supply and demand. For more information, visit www.ntoggle.com and follow us on Twitter @ntoggle.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage and hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Bangalore and Herzliya. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like Pinterest, Twilio, Box, LinkedIn, Shopify, Yelp, Skype, and CornerstoneOnDemand. Over 100 BVP companies have gone public - in the last three years alone, BVP has had 37 exits (IPO and M&A) and made new investments in more than 70 companies. Learn more at www.bvp.com and follow us on Twitter @BessemerVP.
About Sigma Prime Ventures
Sigma Prime Ventures is a venture capital firm that invests in early stage companies in the areas of SaaS, Cloud, Mobile, Disruptive Technologies and Technology-Enabled Services. The Partnership focuses on great entrepreneurs and works in conjunction with them to build great companies. The firm’s partners have deep operating and startup experience, collectively having founded 11 companies, provided executive leadership to 17 companies, and had exits worth over $4.2B. Since 1984, the firm’s partners have fostered the growth & exit of numerous technology companies, including Internet Security Systems (IPO), m-Qube (acquired by VeriSign), Storage Networks (IPO), Vignette (IPO), Vlingo (acquired by Nuance), Aprimo (acquired by Teradata), Initiate (acquired by IBM), Octane (acquired by e.Piphany), OpenPages (acquired by IBM), Tradex (acquired by Ariba) and others. Sigma Prime Ventures has offices in Boston and New York City, and invests across the U.S. with a focus on the East Coast. For more information, please visit www.sigmaprime.com.