Wove raises $9M to help companies form strategic marketing partnerships
Summary
After rebranding earlier this year and scrapping pretty much their whole mobile ads business, Wove, formerly known as TapFwd, has a fresh plan to disrupt the marketing industry. They say sourcing and closing a deal with another company on Wove is as easy as sending a Facebook friend request. “They want to grow their core business and leverage their data assets without having to share it with another company, and they need a third-party network to form these partnerships.” With the launch of their latest product comes new money: Wove has raised $9 million in a round led by August Capital, with participation from new investors Origin Ventures, Walmart’s SVP of U.S. e-commerce Anthony Soohoo, Canaan Partners general partner Deepak Kamra and existing investors Partech Partners, AngelPad and Tekton Ventures. When a pair of companies express mutual interest, Wove handles the execution and measures the effectiveness of the partnership with its suite of digital tools built into the platform. We have a lot more demand than we can service.” With the $9 million investment, the San Francisco-based startup, which counts HotelTonight, Turo and Winc as customers, plans to scale its engineering team.
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