Taboola Raises $9M in Series B Funding
Video recommendation company Taboola has closed a $9 million series B funding round, The money will be used on engineering, marketing, and data center expansion, according to company founder and CEO Adam Singolda.
The funding round was led by Crescent Point Group, with participation by Evergreen Venture Partners.
While Taboola originally offered video recommendations only on video pages, its business surged when it began offering recommendations on other types of pages. It now creates 250 million recommendations each day, and counts The New York Times, Bloomberg, Reuters, and CNN as clients.
Taboola made several key hires in 2011, including Yarden Tadmor as chief revenue officer, David Noy as vice president of product, and Ira Silberstein as senior vice president client services.
"We've seen high levels of scale out of our business, mainly around massive amounts of recommendations we're generating every day. Quarter of a billion recommendations per day, via top publishers implementing our product on their homepages, article pages, category pages, and video pages," says Singolda.
The company, which has offices in the United States and Israel, plans to use the funding to grow operations in both countries.
"The funding will mostly be targeted at supporting the company's growth, from hiring even more engineers and mathematicians in Tel-Aviv, Israel, as well as growing our marketing, sales, and client services teams in New York. In addition, we plan on opening more data centers in the U.S.," says Singolda.
The company might also begin serving recommendations on other platforms later in the year, he added, including iOS and other mobile devices.
By partnering with Taboola for recommendations, Hearst U.K. properties have seen an increase in traffic.
With a string of large funding rounds and a stable of high-profile customers, Taboola looking for further growth.
The video recommendation service will focus on measuring the type of traffic and the visitor interactions it generates for publishers.
Service increases views by suggesting other videos based on the viewer's interests.