Yahoo! Japan Invests $27 Million In BrightTag, A Chicago Marketing Technology Platform
Area Development Online News Desk (11/18/2013)
One of the world’s leading marketing technology platforms, BrightTag, announced the company’s largest investment round to date, a $27 million funding investment led by Yahoo! JAPAN. This $27 million investment will allow the company to double its headcount and bring over 100 additional high-paying technology jobs to downtown Chicago, Illinois.
The $27 million funding round increases BrightTag’s total funding to $50 million to date. In addition to the $27 million investment, Yahoo! Japan has signed a long-term commercial agreement with BrightTag that will expand the strategic partnership between the two companies. BrightTag will help Yahoo! JAPAN launch the first real-time, cross channel data management platform. The platform, powered by BrightTag’s newly patented Fuse technology, will help brand marketers leverage big data in their advertising campaigns.
“BrightTag is proud to be a part of Chicago’s dynamic tech community,” Mike Sands, the firm’s President and CEO said. “We applaud the Mayor’s efforts to make growth of the City’s digital economy a key priority by fostering an environment in which tech companies like ours can thrive.”
Yahoo! Japan is the world’s 10th largest Internet Company and Japan’s largest Internet company.
“We are extremely impressed with the work Chicago has done to grow a vibrant technology community,” said Osamu Aranami, Corporate Officer, Head of Marketing Solutions Company, Yahoo! JAPAN. “Our investment in Chicago company BrightTag was code-named ‘Project River North’ because we were inspired by the strong start-up scene in Chicago’s River North neighborhood and the hundreds of companies that make it their home.”
This announcement comes on the heels of Mayor Emanuel laying out his vision for Chicago’s tech sector. Last week, Mayor Emanuel announced his commitment to doubling Chicago’s tech economy in the next ten years, which will result in 40,000 additional jobs. The Mayor outlined the four strategies of fostering entrepreneurship, creating physical spaces, talent acquisition, and venture capital.
“We have put Chicago’s thriving technology economy on the global stage and our companies are conducting business around the world,” said Mayor Rahm Emanuel. “BrightTag reflects Chicago’s rising technology economy, which continues to grow and evolve in unprecedented ways. Now is the time for us to ensure that Chicago’s tech economy is a strong, lasting pillar of our overall economy, by continuing to create jobs and new opportunities.”
"To solve a complex technology problem, the 10th largest internet company in the world, found its solution right here in Chicago. Yahoo! Japan's decision to power the core of its global data management platform with BrightTag is more evidence that Chicago is where the world discovers the best new technology companies." said J.B. Pritzker, Chairman of ChicagoNEXT, the city's tech economic development arm and managing partner of Pritzker Group Venture Capital.