Start Up Chango Raises $4.25 Million in Series B

The Toronto based start up Chango, the first platform designed to enable the search agencies and marketers to extend their search campaigns to the numerous impressions that are available on ad exchanges, announced that it has raised $4.25 million in series B round of funding. The venture capitalist leading the funding for this financing project are Rho Canada, a division of the New York based Rho Capital Partners, with the participation of former investors, iNovia Capital, Metamorphic Ventures, Extreme Venture Partners and the co founder of 24/7 Media, Geoff Judge. The funding will be used in order to bring search targeting for the display ads.

“We are thrilled to welcome Rho as a new investor, given the firm’s successful track record in helping to build long-term value for startups like Chango. The funding will be used to further solidify our position as a leader in the fast-growing search retargeting market” Chango’s Founder & CEO, Chris Sukornyk stated. He also added that “We continue to demonstrate that search retargeting delivers consistent return on investment for our customers, leading agencies and marketers around the world. We are ushering in a new era that is making display media front and center for online direct response campaigns.”

“Rho is pleased to be partnering with the impressive, serial entrepreneurs at Chango. The recent addition of Dax Hamman and Chris Dingle gives Chango the strongest management team in the industry,” stated Chabra. “While many companies’ are speaking to search retargeting, Chango is taking a much more comprehensive and holistic approach, focusing on continually offering the industry’s best service and platform and on making this platform work effectively for a broad array of brand and direct marketers in multiple industries. Chango is the early leader in an exploding sector and we share the team’s belief that there is an opportunity to build a very large and disruptive business in the multi-billion dollar online ad market” stated Roger Chabra, the general partner of Rho Canada, who will soon join the Chango board, due to the new funding project.

In 2010, Chango experienced an extraordinary growth in all of its sectors. The company saw an impressive customer and partnership growth. Chango raised another $1.4 million in series A funding round in summer of 2010.