KBS+ Ventures, which invests on behalf of US-based advertising and marketing firm Kirschenbaum Bond Senecal and Partners, has increased its backing of US-based mobile location intelligence tools provider PlaceIQ through its participation in a Series B financing round of $6.75m.
The financing was led by California-based US Venture Partners (venture capital investor, primarily in information technology and healthcare). Other investors included New York-based IA Ventures (venture capital investor in data-centric companies), Virginia-based Valhalla Partners (venture capital investor in technology) and several angel investors.
So far, PlaceIQ has raised a total of $11.95m, comprising $4.2m Series A financing raised in December 2011 (in which KBS+ Ventures participated) and $1m raised in April 2011.
PlaceIQ plans to use the Series B funds to maintain growth, expand its offering and make new hires.
Leading up to this latest financing, PlaceIQ hired Tony Nethercutt, formerly General Manager of North America for mobile advertising firm Mojiva Inc, as Chief Revenue Officer. PlaceIQ also unveiled its Place Visit Rate metric, and announced a strategic partnership with marketing firm Starcom MediaVest Group.
Launched in 2010 by co-founders Duncan McCall and Steve Milton, New York-based PlaceIQ provides location intelligence tools designed for marketers targeting mobile audiences.