Toronto's Chango gets $1 Million through government's Investing in Business Innovation program
The Government of Canada will be giving Toronto startup Chango an investment of $978,000 through FedDev Ontario's Investing in Business Innovation program.
Chango has previously raised $750,000 in Series A financing in October 2009, $1.4 million in Series A financing in June 2010, and $4.25 million in Series B financing in February of this year.
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.
Quoth The Globe and Mail:
“Our government is working to ensure businesses in southern Ontario can continue to innovate, allowing the economy to grow now and into the future,” says Mike Wallace, MP for Burlington, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario. “This investment will give Chango the tools it needs to be the first to market with ad targeting solutions, generating new opportunities for our region.”
“The funding will be used to accelerate our growth plans into the fast-growing search retargeting space," says Chris Sukornyk, Chango's CEO. "We appreciate the support from FedDev Ontario to retain technology start-ups in Canada.”
Investing in Business Innovation was created to boost private sector investment in startups and accelerate development to bring new products and services and processes to market.
