Citi Ventures, the corporate venturing division of US-based financial conglomerate Citibank, joined the investors funding US-based advertising analysis service Clovr Media, which is changing its name to Linkable Networks, on Thursday.
Linkable closed its series A round in March, having raised $8.3m from private equity firm Bain Capital Partners, venture capital firm Kepha Partners and angel group Common Angels. Kepha and Common Angels were previously among the backers for Linkable’s $1.5m seed round in October 2010.
Linkable Networks operates an advertising unit that tracks online and offline retail transactions via a customer’s credit card, allowing advertisers to follow advertising spending in any medium and connect it with purchases. The unit does so by converting ads into linkable offers, or ‘Linkables’, giving Linkable Networks its name.
Chris Kay, managing director of Citi Ventures, said: "Creating value for consumers is at the heart of our innovation and venturing efforts. One of the ways we do that is by investing in emerging technology providers like Linkable Networks who are providing leading solutions connecting on-line and off-line commerce."
The amount invested by Citi Ventures was undisclosed but Linkable has stated it plans to use the additional funding to support demand for its service from advertising networks and accelerate growth.