Criteo, a company that helps online businesses target consumers who have left their site without making a purchase, today announced it has secured a third round of funding for $7 million from Bessemer Venture Partners. That brings the company’s total funding to $24 million.
Criteo plans to use the money to continue its growth in the U.S. as well as strengthen infrastructure and build data centers, according to a company statement. It also expects to add more employees to its US-based staff of 120. The company recently made a move from Paris, France to Palo Alto, California after expanding across European markets like the UK, Germany, Spain, and Italy.
The service works to re-engage with consumers who might have left a businesses website without making a purchase. The personalized ads are delivered to a consumer immediately after they leave a site, and Criteo only charges the business when a customer actually clicks on a banner that leads back to the business’s website. The banner ads that appear are customized based on the consumer’s shopping behavior.
The company, founded in 2005, claims to be working with more than 400 clients in 7 different countries. Previous funding came from French private equity firm AGF and Elaia Partners and Index Ventures.