As it targets $100 million in sales this year, performance marketing firm HookLogic said today that it secured $15.5 million in Series C growth funding from two new investors: Fung Capital USA and Mousse Partners.
The investors join prior firms Bain Capital Ventures and Intel Capital who have funded the company. HookLogic also said it sold its AutoHook unit to Urban Science for an undisclosed amount.
HookLogic’s business model involves working with e-commerce sites to offer “closed-loop advertising” to consumer product and hospitality brands while also “generating profitable revenue for site owners.” The sites included retailers such as Wal-mart, Target, Macy’s, Best Buy and Costco, among others.
Jonathan Opdyke, chief executive officer of HookLogic, said the new investors add “deep industry knowledge” to the company’s growth trajectory. “The combination of this investment and proceeds from the divestiture will enable us to accelerate international expansion and invest in technologies that will revolutionize e-commerce and digital advertising, including huge innovations in mobile,” the ceo said.
Fung Capital is the private investment unit of the families of Victor Fung and William Fung — the top shareholders of Hong Kong-based Fung Group, which includes Li & Fung Ltd. and the Global Brands Group.
Bain Capital Ventures offers seed through growth funding in the tech sector while Intel Capital is an equity investor focused on start-ups as well as companies that are further developed.
The two-year old HookLogic includes 160 e-commerce sites in 69 countries that collectively generate $90 billion in sales.