Conversion Logic, which develops a cross-channel attribution SaaS platform that provides media performance insights for brands, announced this morning the company had closed a $9 million Series A.
Citing year-over-year bookings up 471 percent, the company plans to use the funding to add aggressively to its sales and marketing teams.
"Conversion Logic's enterprise SaaS platform, powered by award-winning machine learning, provides industry leading cloud analytics applications for cross-channel attribution," Co-Founder and CEO Brian Baumgart told Built In LA. "Given our Fortune 500 wins, we plan to invest heavily in sales and marketing. Our bookings are up 471 percent over the previous year and we plan to double headcount this year."
The round of funding was led by Pelion Venture Partners, with participation from Rincon Venture Partners, Crosscut Ventures, Lerer Hippeau Ventures, Founder Collective, Revel Partners and TenOneTen. According to Baumgart, the decision to have Pelion lead the round came thanks to existing investors.
Baumgart, who had previously served as president and chief strategy officer at Adconion and founder and CEO at Gradient X — both of which were acquired by SingTel — co-founded the company in early-2014 along with co-founders Trevor Testwuide and Alison Latimer Lohse. In addition to his career as an entrepreneur, Baumgart has invested in a number of tech startups, something that helped influence Conversion Logic's Series A.
"In addition to being able to help fellow entrepreneurs, angel investing provides insight into current market conditions and investor dynamics," he said. "It also helps if I can point to a common investment in a great company."
Image via Conversion Logic.
Have a news tip for us or know of a company that deserves coverage? Let us know and like us on Facebook.
