Struq, the advertising platform founded by 2010 Growing Business Young Gun Sam Barnett, has completed an $8.5m funding round led by Reed Elsevier Ventures.
The funding round, which has also featured significant contributions from Pentech Ventures and Allen & Company LLC, will enable Struq to hone its proprietary technology, which creates personalised adverts based on intuitive analysis of consumer behaviour.
Struq already boasts a client roster which includes 200 prominent retailers, including Adidas, Levi’s and Hilton Hotels. The company claims its technology can deliver 12 times higher click-through rates than standard targeted ads.
Kevin Brown, general partner of Reed Elsevier Ventures, was quick to herald Barnett as one of Europe’s brightest young entrepreneurs. Meanwhile, Barnett told reporters that the investor’s proven track record in big data will help drive his company to the next level.
Having founded Struq at the height of the recession, and almost gone bust during his early months, Barnett is confident his business can go from strength to strength.
Transforming the industry
When named a Young Gun by Growing Business in 2010, Barnett predicted the company’s fast growth. At the time the company had received no funding, loans, or grants, but had a turnover in excess of £3m.
“We came so close to going bust and not changing the ad industry, but Struq (and I) proved those doubters wrong,” he said. “Struq is now transforming the display advertising industry, using artificial intelligence to serve people with banner ads containing the most relevant products and services to them.
“Struq will move from being “interesting” to “essential” to all marketers. Struq is scaling across other platforms, into other territories, to become essential to all marketers worldwide.”