Quigo has raised $30 million from Institutional Venture Partners, at a company value of $250 million, as part of the preparations for the offering, it says. It closed a $5 million first round in 2004.
By providing a real alternative to Google’s ad product, Quigo has earned a place amongst publishing giants such as ESPN.com, Forbes.com, ABCNews.com Time Inc, using a custom-version of Quigo’s service across their site portfolio. Time and Quigo estimate ad revenues through this cooperation to be over $100 million in the first three years of the partnership.
The company’s flagship product, Ad Sonar is a content-targeted advertising network that connects publishers and advertisers through an auction-based, pay-per-click marketing platform. Using Ad sonar advertisers can see the specific pages on which their ads will appear – usually on the best, most popular sites in their category. The product has been making steady gains in the contextual ad market since 2005.
Quigo was co-founded by Yaron Galai, now the company’s Senior Vice President and Oded Itzhak, who developed the propietary technologies.