Ukrainian Genesis Investments invested $ 500,000 in Lithuanian AdTech startup

Ukrainian venture capital fund Genesis Investments and Lithuanian Iron Wolf Capital have invested in SaaS startup RedTrack.io to analyze and manage advertising campaigns. This is a seed round, the deal was worth $ 500,000.

The company will use the raised funds to create new functionality based on machine learning and introduce automated processes for adapting new customers.

What is RedTrack

RedTrack intends for media buyers, advertising agencies, e-commerce and other types of businesses that place and buy online advertising. The tool allows you to analyze in real-time advertising costs and the effectiveness of each traffic channel, as well as collect all data in one interface.

The raised funding will help RedTrack expand product features using machine learning and accelerate the automation of the ad buying process.

“RedTrack.io is a digital channel agnostic tool that helps media buyers base their work on data, not guesswork. As we grow, we are now focused on the applied application of machine learning to find new solutions for automating work with advertising”, – says CEO of RedTrack Vlad Zhovtenko, Ukrainian by origin.

Promising niche

According to Vitaly Laptenok, the general partner of Genesis Investments, the digital advertising market is on the rise. According to eMarketer, by the end of 2020, the world will spend about $ 700 billion on online advertising. And although companies plan to reduce advertising costs in 2020, Laptenok predicts 7% growth compared to 2019.

“Marketing budgets will shrink, but marketers will be taking a closer look at the effectiveness of each ad dollar. As we focus more on efficiency, the need for an accurate and affordable ad management tool becomes increasingly urgent. This is why we are so excited to support RedTrack”, – he comments.

Source: ain.ua