Xtract secures EUR 3.5 million to support fast growth — MobileMonday Global: Industry News

^{Mining the social networks} Xtract secures EUR 3.5 million to support fast growth

1 Jun 2008 at 08:09 GMT Timo Poropudas

Xtract, a company providing social advertising intelligence, has closed new funding of EUR 3.5 million led by Creandum, an early stage technology investor together with renewed commitment from existing investor ETF III, advised by Eqvitec Partners.

Xtract’s adverting industry customers have seen the average ad income increase with as much as 82 percetn and in mobile campaigns response rates have increased with 30 percent.

“Our solutions provide genuinely innovative ways to ensure delivery of the right audience to the right commercial message at the right time and to accurately report on the effectiveness of any campaign in an automated way, something that up until now was not possible,” said Kimmo Kiviluoto, CEO of Xtract.

Staffan Helgesson, Managing General Partner at Creandum, said: “We are very impressed with Xtract’s success in the telecom sector where leading mobile operators use Xtract to increase revenues and reduce churn. The transition from the traditional static advertising to the more dynamic advertising is going to happen and the brand managers and advertising agencies understanding this change will be the ones surviving the transition to digital advertising. Xtract has a unique position to be one of the leaders driving this change.”

Xtract’s solutions create automated consumer profiles for mobile and online advertisers based on social interactions, behavioural and demographic data.

Xtract operates across Europe and Asia, working with over 50 companies with intensive customer data ranging from global leaders such as Nokia, T-Mobile and Vodafone, BLYK and Fonecta. Headquarters are in Helsinki, Finland and London.