Bidmanagement, the company behind Adspert, a web-based bid management tool for Google AdWords campaigns, has raised funding from the ProFIT finance programme, the early-stage investment arm of Investitionsbank Berlin. The amount is being disclosed only as a “seven-figure financing”, though TechCrunch has learned that the figure is just over €1 million (~$1.3m).
Targeting the search engine marketing departments of companies or their agencies, Adspert aims to help “optimize and fully automate” Google AdWords accounts so that advertisers can increases the ROI for the campaigns they run. The technology was developed off the back of the founders’ background in finance tech to take what they’ve learned and create a “novel” approach to performance-based marketing. Or so the PR goes.
The end result is described as software that not only relies on recognized forecasting models from the financial market, but also takes into account things like time of day or day of the week, as well as “individual learning effects for each customer”, so as to automatically identify and purchase the most profitable bid for search and display ads.
Alongside Google AdWords, the service recently began supporting campaigns run on the leading Russian search engine Yandex — Yandex.Direct — while additional platforms are also on the roadmap.
To that end, the new capital being announced is said to be used to further develop the startup’s technology. Specifically, to fine-tune its algorithms, “especially in the long tail, that is search terms that go beyond the major, highly competitive keywords”, says Bidmanagement CEO Marcel Pirlich in a canned statement.