France-based online advertising technology provider Twenga has raised €10m ($11m) in series A capital from IdInvest Partners, the private equity firm backed by insurance conglomerate Allianz.
IdInvest closed a $157m fund backed by limited partners including Allianz, media group Lagardère, recruitment firm Up Group and state-backed fund Bpifrance last month.
Twenga originally launched as an e-commerce search engine in 2006 but pivoted in 2012 to develop an advertising platform, enabling e-commerce companies to close more sales by predicting customers’ actions.
The company will use the series A funding to continue its European expansion, and has already opened offices in the UK and Germany. It will also expand its 150-strong team by hiring an additional 50 staff, including engineers, data scientists, and marketing and sales experts.
Twenga previously raised €2.6m in seed funding from venture capital firm 3i in 2007.