Akron-based CompanionLabs has received a $250,000 investment from JumpStart Inc., pushing the startup’s seed funding to $500,000.
The company — a creator of software that analyzes, boosts and automates online ad performance, according to its website — announced the funding in a Tuesday, Dec. 19, news release. The money from JumpStart comes from the economic development nonprofit’s $10 million Evergreen Fund, which invests seed capital in high-potential Northeast Ohio companies, the release stated.
Founded nine months ago by a team that includes co-founder Brian Deagan, CompanionLabs has garnered “thousands of advertisers across more than 65 countries,” according to the release.
The company was accredited by Facebook as a Facebook Marketing Partner and recently released its Predictive Budget Recommendations to build on its software’s performance-grading and bidding capabilities, officials said.
“Over the next ten years, the majority of advertising dollars are going to flow to three companies — Facebook, Google and Amazon,” Deagan said in the release. “While these companies are nothing short of brilliant in their product development capabilities, there is still a huge gap between where their platforms end and the best practices advertisers need to truly take advantage of them. Our technology closes this gap in an easy, affordable and universal way.”
This isn’t the first venture for Deagan and the team at CompanionLabs. Members of the founding team also were part of Knotice, an Akron marketing technology startup founded in 2003 that received funding from JumpStart in 2006. That company was sold in 2014 to New York-based marketing firm IgnitionOne.
“Brian Deagan and his team have already demonstrated the ability to build great companies and generate returns for investors,” said Rem Harris, JumpStart’s senior partner in charge of investing, in the release. “There are few factors more important than a team’s prior demonstration of its ability to achieve success.”
JumpStart venture partner Mike Marchetti will join CompanionLabs’ board of directors.
“This is a veteran team with a proven ability to lead and scale startups,” he said in a prepared statement. “Their software helps simplify complicated challenges for advertisers in a rapidly growing market. We are extremely excited about their potential for growth.”
This story originally appeared on Crain’s Cleveland Business.