Vilnius-based RedTrack, an AI-driven analytics and automation platform for media buyers, has raised $3.2 million in a Series A funding round led by Lead Ventures, with support from InstaVC and Iron Wolf Capital, as Vestbee was told. The fresh capital will be used to strengthen the product team and accelerate AI product development.
- Founded in 2017, RedTrack creates an automation and analytics platform tailored for e-commerce media buyers.
- RedTrack connects with popular services like Facebook, TikTok, Google, and Shopify, providing users with a complete view of their campaign performance in one place. Its AI-driven insights help businesses identify underperforming ads and easily scale successful ones.
- RedTrack assists over 800 businesses worldwide in managing 60,000 ad accounts and generating over $2 billion in revenue. It’s designed to help small and mid-sized businesses simplify their digital marketing efforts.
Details of the deal
- The Series A round was led by Lead Ventures, a Budapest-based venture capital firm that supports startups in mobility, energy, fintech, and other B2B software sectors. In July, the firm launched a €100 million fund to support CEE startups in late seed and Series A rounds.
"Not only did they build an affordable and transparent solution for these SMEs, they created a platform so efficient and intelligent that it’s useful to digital marketing teams in companies of all sizes. They’ve already proven their marketability and their forward-thinking tendencies when it comes to features, and we’re happy to help them continue this growth," CEO at Lead Ventures, Balázs Haszonics, stated in a press release.
- The round also saw participation from InstaVC, Vilnius-based Iron Wolf Capital, and angel investor Balazs Gandera.
- With the Series A funding, the startup plans to improve its digital ad platform for e-commerce and agencies, emphasizing product enhancements and AI development. The funds will also boost its presence in the expanding US market, which constitutes 45% of its user base.
"We’re focusing on improving the platform and building a multi-touch attribution model. When you’re selling a complex product, one touchpoint isn’t enough. RedTrack lets businesses see the entire funnel and understand every interaction. This funding round will boost our efforts to provide this holistic view for digital marketers in companies across industries," CEO of RedTrack, Vladyslav Zhovtenko, commented in a statement.
