Late filer AudienceFUEL reported today closing a $875,000 equity financing round via a non-brokered private placement. Seven investors subscribed to the offering which was initiated more than a year ago prior the transaction with Clever On Demand. This was the first time the company was tapping into the US private offering market. AudienceFUEL disclosed in a press release in January the addition of Southern Capitol Ventures as an investor in its seed funding round.
The company developed a marketing platform designed for print and digital publishers to increase traffic and sell subscriptions. It allows users to buy CPC (Cost per click also known as pay per click) traffic without paying cash but using credits earned when other publishers in the network advertise on users’ site. The feature allow the publisher to approve advertisers and ad campaigns that run on the site. Shortly after the seed financing round Clever On Demand announced the acquisition of AudienceFUEL and kept the AudienceFUEL name.
The company, headquartered in Greensboro NC, is lead by Troy McConnel (Founder of Clever On Demand). The executive team includes Gary Steinbeck, Frank Dayna, Al Silverstein (Co-founder of AudienceFUEL) and Jim Porçarelli (Co-founder of AudienceFUEL).
Industry: Other Technology
Amount offered: $900,000
Amount placed: $875,000
First Sale: 07/02/12