PlaceIQ Secures Growth Funding: A Lesson in Product Focus

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PlaceIQ Secures Growth Funding: A Lesson in Product Focus

PlaceIQ has announced a strategic investment from Experian (yes, that Experian). The size of the investment isn’t disclosed but it represents a growth round for the nine-year old location intelligence firm, whose CEO Duncan McCall will speak at LSA’s October Localogy Place conference (more on that in a bit).

 

Specifically, the investment comes from Experian’s venture arm. Like lots of corporate investment entities, it backs companies based on strategic as well as financial motivations. In this case, Experian will incorporate PlaceIQ’s LandMark location data product into its suite of marketing services.

 

The investment also comes after — and aligns with — PlaceIQ’s divestiture of its media & advertising business to Zeta Global. Though the ad business was a thoughtful and strategic move when it launched, PlaceIQ is now moving back towards dedicated focus on its core competency in location intelligence.

 

“The marketplace has already resoundingly validated our strategic choice to return to our data roots,” McCall told LSA. “In my view, this partnership with Experian further recognizes and rewards that strategy. Experian carefully evaluated quite a few different companies to understand which data sets would be strategically important as their marketing business evolves–and we feel privileged to have been selected as the company that is best aligned with their high standards and values. Given our team’s singular focus on creating an unparalleled dataset, we’d like to think that a gold standard product was the perfect fit with a gold standard partner.”

 

As background, PlaceIQ expanded into ad sales when infrastructure and processes didn’t exist in the ad tech world to incorporate its data into the ad buying process. So it built that process as a proof of concept. Now that it’s accomplished that, and paved the way for its location data, it’s returning to its core.

 

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