Advertising Management Platform Startup LumenAd Closes Angel Funding Round Led by Next Frontier Capital
Platform unifying online advertising data for Dairy Queen, MRM/McCann, Manchester United, Red Wing Shoes, Toyota and more raises $2 million to accelerate growth
LumenAd, provider of a leading advertising management platform that organizes data from across the digital advertising ecosystem, announced the close of a $2 million seed funding round led by Next Frontier Capital, a venture fund focused on partnering with mission-driven entrepreneurs to build Montana-based technology companies of impact.
Other investors participating in the round included Alan Frazier (Founder and Chairman of Frazier Healthcare Partners), David Given (Partner at Blue Point Capital Partners), Taylor Barada (former Head of Corporate Development and Strategic Partnerships at Adobe) and John T Lowell (EVP, Chief Intelligence Officer of Leo Burnett).
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“Early on our team had the good fortune of working with some of the biggest brands to help them drive more value from every ad dollar. By unifying siloed advertising data we’ve empowered marketers to make more intelligent decisions with speed and accuracy. Simple decisions like reallocating budgets to the audience purchasing a product at the highest rate,” said Ryan Hansen, CEO and founder of LumenAd. “It turns out no one could easily answer these types of questions. So we built an automated platform to help marketers get more from every marketing dollar. This funding will help us build out our sales and engineering teams to take the platform to brands in high-growth markets everywhere.”
“Brands and agencies are looking for solutions that deliver a unified view of data across silos, channels, and buying approaches,” said Will Price, managing partner at Next Frontier Capital. “With the majority of customers reporting difficulty in overcoming data silos, spreadsheets and reports can consume 80-90% of an agencies’ time. IT or BI approaches fail because they’re not built for advertising and marketing data. Manual APIs and data modeling consume vast amounts of time and resources, overlooking lack of marketing expertise in IT teams and keeping business users who know clients from being responsive and in control. The result is a bottleneck that yields poor customer experience, low growth, and hindered analytics maturity. LumenAd is the answer.” LumenAd continued impressive expansion in 2019 with 37 new hires, bringing their full-time employee count to 91. The 68.5% employee growth rate follows the addition of two new offices in Bozeman, MT and Brno, Czech Republic.
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LumenAd’s expanding footprint addresses the growth of their sales, client services and engineering departments. After opening both offices, LumenAd was named in 2019 the fastest growing Montana company by Inc. Magazine and in the top 30 of America’s 5,000 fastest-growing companies. LumenAd also was named to Deloitte’s Fast 500 of technology’s fastest-growing companies and was recognized by Digiday as a “Best Marketing Automation Platform Finalist.”
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