New York-based ActionX, a developer of a platform that brands can use to reach more consumers via their behavior on mobile apps, emerged from stealth mode Monday. The company announced it raised $3 million in Series A funding from SoftBankCapital, Verizon Investments, AOL Ventures, Lerer Ventures, and Golden Venture Partners, with participation by angel investors. ActionX previously raised a $2 million seed round.
The latest funding, says ActionX CEO Evan Schwartz, will go towards ramping up the staff in engineering and sales, as well as pursuing more clientele. He says his company helps e-commerce brands, travel companies, and media subscription services get ads in front of customers who may be interested in making purchases through their apps or mobile websites. This is done through “retargeting” ads at consumers who have used an e-commerce app but did not necessarily make a purchase.
“The retargeting platform looks at consumer behavior in a privacy-friendly way inside of the app,” Schwartz says.
In other words, if a consumer looks at products in one app but does not buy anything, he or she may see ads related to such products in other apps.
The service can be used for shopping apps, subscriptions, and other transactions conducted via mobile. Companies that use the platform include JackThreads and Forbes. ActionX said it is also collaborating with coupon app SnipSnap to increase its exposure among brands.
