Kbs+p Ventures-backed PlaceIQ receives its second round of funding this year, after the personalised advertising company was launched in 2010.
US-based PlaceIQ, which uses location data to produce highly-personalised ads, has received help from its existing corporate venturing backer New York-based Kbs+p ventures to raise $4.2m in Series A funding.
Kbs+p Ventures is the investment division of advertising and marketing firm Kirshenbaum Bond Senecal and Partners.
California-based US Venture Partners and Virginia-based Valhalla Partners led PlaceIQ’s latest round of funding on Tuesday, with participation from New York-based IA Ventures and Jerry Neumann, a former managing director of Communicade, formerly the corporate venturing unit of advertising agency the Omnicom Group.
In addition to new funding, PlaceIQ will be moving from its Boulder, Colorado base to New York. The company said the move was designed to bring the firm closer to "customers, partners and the general ecosystem".
PlaceIQ launched in 2010 and uses the growing body of location data to better-serve advertisers and marketers in reaching hyper-local consumers. The company plans to use its latest funding to expand into other markets.
In April 2011 Kbs+p Ventures joined a consortium (including IA Ventures, Social Leverage and angel investors) investing $1m in PlaceIQ.
