E-Commerce Marketing Tech Firm Rokt Raises $80 Million
Summary
TDM in September participated in a $100 million Series E round for sustainable footwear maker Allbirds Inc., which has grown its business by selling directly to customers online. “As it happens, there are only so many businesses and industries that can achieve that, and e-commerce is one of them.” Other digital commerce-centric technology companies that have raised money this year include Profitero Inc., which provides tools to help brands manage the placement, presentation and pricing of products across online retailers, among other services. For example, New York Rangers fans purchasing seats at Madison Square Garden on Ticketmaster could also receive an offer to book parking at a nearby lot or to get a discount on Uber, depending on whether they are coming in from out of town or live near the arena. “Trying to make it personalized for the end customer was almost impossible—that was the problem we set out to solve.” Existing investors in Rokt include venture-capital firm Square Peg, which also participated in the Series D round, and Lachlan Murdoch, the co-chairman of Wall Street Journal parent News Corp. Rokt, which has been profitable since 2014, will make more money this year than it did last, even after accounting for the six-month pandemic-induced hole in the middle of the year, Mr. Buchanan added. With the new funding, Rokt plans to grow from 260 employees today to more than 400 by the end of 2021, while also expanding into new client groups and geographies—the market potential within e-commerce is strong as exemplified by investor interest in the category, Mr. Buchanan said.
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