Admazely, a Copenhagen-based startup claiming to deliver ’retargeting for the masses’, have raised seed funding for its self-service retargeting product. The round was lead by SEED Capital with business angels Martin Bochineck and Christina Rind participating. Niels Vejrup Carlsen of SEED and Martin Bochineck will join the board.
Admazely targets small and medium sized online retailers, whom the company claims “are simply too busy and strapped for resource to leverage the advanced and complicated offerings from established players in the online targeting space”. By leveraging artificial intelligence to simplify users’ workflow, the startup looks to thrive on the more than 95% of online retailers, who currently are not using retargeting, according to Forrester Research.
Efficient advertising made simple
Retargeting is the art of tracking a webshop visitor, identifying that he didn’t complete a purchase and then showing him an ad for that particular shop or product on a third-party website. This practice has been heavily adopted by large advertisers due to its efficiency, boosting click-through-rates by as much as 600%.
As launching a retargeting campaign is a quite complex thing to do, it is predominantly large advertisers that have reaped the benefits so far. Something Admazely is looking to change says founder and CEO, Peter Vilsholm Therkildsen Schlegel.
“The advantages of retargeting have been established. However if you look at the clients buying it, it’s still the usual suspects of large and sophisticated advertisers. We have built an extremely easy way for small online retailers to launch a retargeting campaign. Without going too in-depth, we leverage advanced artificial intelligence to guess at what products and product categories the shop will want to advertise, making the workflow much simpler for the shop manager”.
SEED Capital is very optimistic about the prospects for Admazely: “We’ve been following the team for six months and have rarely seen a group of individuals with as much talent and dedication. They have shipped code aggressively and according to schedule. They solve a hard problem in an industry that we believe is ripe for a bit of disruption. Their customers are excited about their product. In other words, they have the characteristics of a game-changing company and we’re proud to be behind the team”, says the newly appointed Chairman, Niels Vejrup Carlsen of SEED Capital.
While the advertising space seems very busy, it is worth noting that industry research shows that less than 5% of online retailers in the US are currently leveraging retargeting. While the share of shops doing it is on the rise, 95% of a multi-billion-dollar market seems a goal worth pursuing for Admazely.