US attribution analytics startup HasOffers has secured an investment of nearly $10 million.

In its first funding round the software as a service (SAAS) company, which provides solutions for tracking performance advertising, scooped a whopping $9.4 million cash boost.

The round was led by Accel Partners with participation from Seattle investors Rob Glaser; founder of RealNetworks, and Chris DeVore of Founder’s Co-op.

HasOffers, which has 79 employees and was created in 2009 by identical twin brothers, Lucas and Lee Brown, will use the new investment to expand its engineering organisation and accelerate development of its analytics and attribution software tools.

As part of the financing, Rich Wong, partner at Accel Partners, will join the board.

Performance-based Approach Leads

“We’re seeing a market shift in online advertising from the CPM or display oriented world of the past to a more programmatic, performance-based approach,” said Wong.

“Mobile advertisers are igniting that progression by demanding real user engagement from their advertising partners, and our MobileAppTracking provides them with an objective way to evaluate performance of these campaigns.”

HasOffers has two SAAS products –; which provides white-labelled software for networks and agencies to manage their performance advertising programmes, and (MAT); which attributes installs, in-app engagement and purchases back to ad partners (such as social networks, publishers and mobile ad networks).

Chief executive officer of HasOffers, Peter Hamilton, said the business did not ‘need’ to raise money based on its current cash flow and ability to keep growing. But Hamilton was quick to stress that the new partnership with Accel does ‘change the game’, as it allows HasOffers to increase its engineering efforts and quickly scale its internal processes to meet the ‘massive’ need in mobile advertising.

Rooted Deep in Performance

MAT is integrated with more than 150 major mobile ad networks and publishers to make it easier for mobile app developers to work with any partner they choose. As a third party, open platform, the company maintains an independent relationship with ad networks, RTBs, and agencies and presents marketers with unbiased reporting.

Co-founder of HasOffers, Lucas Brown, said: “Our roots in performance advertising lead us to believe that successful advertising campaigns are built on relationships. Whether advertisers are promoting mobile apps or web campaigns, they must find the right partners with the right users, and both parties should be held accountable to campaign performance.”