NEW YORK — Cuebiq, a developer of offline location intelligence, has secured $27 million in Series B financing co-led by Goldman Sachs Principal Strategic Investments (PSI), Nasdaq Ventures, DRW Venture Capital, Tribeca Venture Partners and existing investors Tribeca Angels and TLcom Capital.
In connection with the financing, Brian Hirsch, co-founder and Managing Partner at Tribeca Venture Partners, and Marco DeMeireles, Head of Private Investments at Balyasny Asset Management, have joined Cuebiq’s board of directors.
The NY company reports 3.2x year-over-year increase in revenue and a 2.4x year-over-year growth in its customer base. Over 1,300 companies and brands across a variety of verticals use Cuebiq solutions to access and tailor insights to their needs in unprecedented ways. This financing will support further product development, help expand global operations and advance data privacy initiatives currently underway.
Cuebiq’s proprietary methodology enables anonymous collection of location data and analysis of aggregated offline trends. This data and intelligence layer helps marketers with brick and mortar sites better understand offline consumer trends, analyze store performance, measure marketing activation effectiveness and ultimately better compete with e-commerce companies.
Cuebiq’s location intelligence also aids app developers in creating better user experiences, enabling delivery of more contextually relevant content and advertising.
“As the alternative data industry continues to mature, there are growing applications and opportunities for the financial community to make smarter investment decisions,” said Ashwin Gupta, Managing Director in Goldman Sachs’ PSI group. “Of particular importance to us in making this investment is the fact that Cuebiq is a leader in privacy technology. As we believe data privacy is the defining issue in the consumer insight analysis segment today, we are delighted to be partnering with an innovative company that is leading technology advancement for this purpose.”
“One of our key missions as a technology company is to invest in solutions and services that strengthen the integrity of the world’s markets,” said Gary Offner, Head of Nasdaq Ventures. “We were attracted to Cuebiq due to its unique position as an independent and media-agnostic provider of location intelligence which is gleaned from aggregated and anonymized data. Complementing our investment, we will explore opportunities to leverage Cuebiq’s intelligence for our clients, as well as potentially applying our blockchain and zero knowledge-proof technologies via our Nasdaq Financial Framework to further drive Cuebiq’s data privacy initiative.”
“Since its inception, Cuebiq has been committed to protecting users’ privacy, which has earned the company NAI and TRUSTe certifications,” says Antonio Tomarchio, CEO of Cuebiq. “This commitment made the desire to partner with like-minded investors a critical factor. Cuebiq is not only ready for GDPR compliance in Europe, but is also working with its partner apps worldwide to adopt the same forward-thinking framework. We believe that privacy and transparency will be beneficial to all stakeholders – from end users, to app developers and data companies alike.”