Compass Labs, a US-based company specialising in ‘intelligent’ social media advertising, secured $6m in funding on 16th February from Presidio Ventures, a corporate venturing fund belonging to Japan-based conglomerate Sumitomo, and venture firm New Enterprise Associates.
The round takes Compass’ financing to $12m since its launch in 2009, with investors also including VC firm IndoUS Venture Partners and venture loans provider TriplePoint Capital.
The capital will be used by Compass to further develop Compass Labs IQ (CLIQ), its social media advertising platform, with funds also directed toward sales and marketing. Compass is looking to expand its business into international markets.
Shun Aramaki, director of venture investment and business development at Presidio Ventures, said: "We are convinced that Compass Labs has built the best technology in the industry with CLIQ, its social media advertising platform. This investment will help facilitate the development of new technology at Compass Labs and support its expansion into new markets."