TechCrunch reported this morning that Toronto's Chango has completed a $4.25 Million Series B financing. The investment was led by Rho Canada, a division of NY-based Rho Capital Partners, and included participation from previous investors, iNovia Capital, Metamorphic Ventures, Extreme Venture Partners and 24/7 Media co-founder, Geoff Judge.
In November of 2009, the company completed a $750K series A financing round led by iNovia Capital with participation from Extreme Venture Partners.
Chango's search targeted advertising product promises to help website publishers better monetize their sites by differentiating between search traffic and regular loyal readers. Visitors arriving from search enginres are shown highly relevant advertising based on their past search queries whereas direct navigation regular readers are shown only content they have come to expect from the publisher.
As part of the new funding, Roger Chabra, General Partner of Rho Canada, will join the Chango board.
"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" said Chango's Founder & CEO, Chris Sukornyk. "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."