US-based geolocation technology producer Cuebiq has raised $27m in a series B round featuring Nasdaq Ventures and DRW Venture Capital, subsidiaries of exchange operator Nasdaq and trading firm DRW.
The round included Goldman Sachs Principal Strategic Investments, a subsidiary of investment banking firm Goldman Sachs, venture capital firm Tribeca Venture Partners, angel investment group Tribeca Angels and VC fund TLcom Capital.
Cuebiq has created software that uses anonymised location data to help clients get a more informed idea of how consumers behave in order to better target customers with advertising.
The company will invest the series B cash in international growth, enhancing its data privacy capabilities and product development, for which it plans to leverage blockchain technology.
Tribeca Angels led the company’s $3.5m series A round in February 2017, investing alongside Arc Angel Fund NYC, before Balyasny Asset Management and Elevate Innovation Partners added an undisclosed amount in May the same year.
Gary Offner, head of Nasdaq Ventures, said: “We were attracted to Cuebiq due to its unique position as an independent and media-agnostic provider of location intelligence which is gleaned from aggregated and anonymised data.
“Complementing our investment, we will explore opportunities to leverage Cuebiq’s intelligence for our clients, as well as potentially applying our blockchain and zero knowledge-proof technologies via our Nasdaq Financial Framework to further drive Cuebiq’s data privacy initiative.”