Twenga raises 10 million euros to accelerate its growth
Marketing solutions provider Twenga has announced it raised 10 million euros from Idinvest Partners. With the fresh funding the French company wants to develop its ecommerce traffic acquisition solutions on an international scale.
With the investment, Twenga is able to significantly reinforce its workforce and accelerate the development of its solutions. It currently has 150 employees, but expects to employ a further 50 people this year in Engineering, Data Science, Marketing and Sales. “We are convinced of the effectiveness of our solutions and the trust from Idinvest Partners, one of the leading venture capitalists in Europe, attests to the relevance of our business model and strategy”, says CEO and co-founder Bastien Duclaux.
Twenga also expects to further expand its presence in Europe with this investment. The French startup, with its headquarters in Paris, already has offices in the United Kingdom and Germany, but it wants to open offices in several other European countries by this summer. “Our new traffic acquisition solutions for ecommerce are already available in seven European countries: France, Germany, the UK, Spain, Italy, the Netherlands and Poland”, a spokesperson told us. “But we want to expand our local presence in several countries.”
Search marketing automation in Southern Europe
“For example, we are looking to expand in Italy and Spain to be closer to our customers. There is an increased interest for search marketing automation solutions in Southern Europe”, Twenga explains. “We have no competition on this particular offering in these markets. The penetration of ecommerce versus offline retail is lower than in the United Kingdom, but the growth rate is higher, including on mobile shopping use cases.”
Twenga was founded in 2006 and first started as a shopping search engine. Over the last three years it changed its positioning with the development of audience acquisition technologies, letting retailers connect to the most relevant advertising platforms for ecommerce.