Lithuanian advertising tech start-up RedTrack has received 425,000 euros in a seed funding round led by Genesis Investments and Iron Wolf Capital. The company plans to use the money to improve its machine learning functionality and strengthen the onboarding process for new customers.
RedTrack was founded in 2018 with the mission to help media buyers and ad agencies analyse their advertising investments, thus enabling the improvement of performance via data-driven decisions. For ad buyers that use multichannel advertising, the company’s solution reduces the inconvenience of having to spend time consolidating data from different sources. Instead, users can see all the relevant data through one intuitive dashboard.
“We created RedTrack.io to be a digital channel-agnostic tool helping media-buyers consolidate their activities and data. As we grow we now aim at applying machine learning to augment human intelligence in the insights discovery process,” says Vlad Zhovtenko, RedTrack’s CEO.
As the European Union tightens online ad and data processing regulations, RedTrack’s platform allows clients to be ahead of the regulatory curve, as its solutions rely on techniques that are not privacy intrusive.
Industry experts expect third party tracking cookies to soon become a thing of the past due to changes implemented by web browsers. This is where RedTrack can help again, as its technology allows for “cookie-less” ad tracking.
“I have been in digital marketing since 2000 and every trend of the past years has left an imprint on my experience. Tools and techniques change but one thing remains common though all those changes – conversion attribution analytics,” Mr Zhovtenko adds.
The company also offers real-time tracking and reports, fraud detection and bot detection.
RedTrack plans to invest in the further automation of the ad tracking process. Right now, clients are able to automate their tracking, and set rules that will alert them when certain benchmark KPIs are not met. If the metrics are not satisfactory, the underperforming campaign can be set to pause automatically. Additionally, the platform can be used to automatically send traffic to those landing pages that are performing better.
Vitaliy Laptenok, general partner at Genesis Investments, believes the market conditions are right for RedTrack to truly take off despite the impact of Covid-19 on the ad buying and online digital marketing space.
“Marketing budgets will get smaller but marketers will more closely monitor the effectiveness of every advertising dollar. In the face of such a strong focus on efficiency, the need for an accurate and affordable ad control tool becomes urgent and immediate. This is why we were so excited to back RedTrack,” he says.
Unlike many news and information platforms, Emerging Europe is free to read, and always will be. There is no paywall here. We are independent, not affiliated with nor representing any political party or business organisation. We want the very best for emerging Europe, nothing more, nothing less. Your support will help us continue to spread the word about this amazing region.
You can contribute here. Thank you.