Performance Horizon Group has gained $10 million in Series-B funding as it looks to push forward with a plan for US expansion.
A gold sponsor at Performance Marketing Insights: London, the company has announced an intention to rapidly increase its presence stateside following news of fresh investment from Mithril Capital Management among a number of other, unnamed partners.
Part of the deal has seen Mithril general partner Ajay Royan gain a place on PHG’s board of directors. He will now have a vested interest in the performance marketing software group’s future dealings along with existing investors in DN Capital and Greycroft Partners, who both used the Series-B round to put in additional funds.
In comments after the round was completed, PHG CEO Malcolm Cowley highlighted that around $10 billion is now spent annually on affiliate and direct partner marketing. His company has capitalised on this rise in spend by providing brands, agencies and publishers with the tools necessary to take their affiliate marketing in-house.
Some of the companies currently taking this route with PHG’s products include British Airways, Adidas, McAfee and Westfield.
PHG has seen demand for its services grow immensely since starting out in 2010 and Cowley sees no reason for this to stop.
“During 2014, we have experienced an increased demand from customers in the airline, banking, retail and digital content verticals, as enterprises are looking to sophisticated technology platforms like ours to help them gain a higher return on investment from their online performance marketing efforts,” he stated.
Cowley also confirmed plans for PHG to build on its US operations by hiring new workers.
Much focus will be paid to boosting business in certain states and cities as well as across other locations around the world as the company looks to broaden its global footprint.
PHG runs its current operation out of offices in New York, Sydney, London and the UK city of Newcastle. These moves have been enabled by previous capital-raising efforts, including the £2 million gained back in 2012 from Greycroft Partners and DN Capital.