At the spring Techstars Boston Demo Day, newly-named ad network Jebbit announced they were looking to raise $1.25 million. With the help of Data Point Capital, founded by Shoebuy.com founder Scott Savitz, that goal was not only met, but exceeded. Along with raising $1.25 million, the team announced Thursday Savitz will be joining Jebbit’s Board of Directors.
“We are extremely excited to become a part of the Jebbit team,” said Savitz in a release. “In a time when traditional forms of online advertising have become more difficult to deliver upon productively for advertisers, Jebbit’s CPCA™ is a truly differentiated approach.”
Jebbit attaches questions to existing online content and awards consumers through a Cost-Per-Correct Answer (CPCA™) model. As opposed to the alternatives—Cost-Per-Click or Cost-Per-Impression—advertisers using Jebbit only pay when a consumer interacts with their content, which is verified by a correct answer or action.
Savitz notes Jebbit’s approach drives “enhanced consumer interaction that results in increased brand awareness,” and helps brands achieve “a level of performance that makes sense for them both top line and bottom line.”
With Jebbit, brands are guaranteed engagement—a principle the company was founded on.
“At Jebbit, we believe that brands should never pay for online advertising, unless consumers truly interact with the ad,” explained Jebbit CEO and co-founder Tom Coburn in a release. “As advertisers aim to achieve higher levels of ROI, positive impact on consumer awareness, and verification that advertising is delivered to the right audience, Jebbit’s technology provides this level of performance on various forms of online content.”
Jebbit’s list of clients now extends well beyond 100 and includes several big-name brands, including Zipcar, Bose, Coca-Cola and Microsoft. The team reports they have recorded year-over-year revenue growth of more than 700%, and will be using this financing to both build out the company’s sales and tech teams, as well as deliver new product developments to the mobile and video advertising spaces.
Boston Seed Capital committed an undisclosed amount of funding to the round in May. Since launching out of Boston College in 2011 with $6,500 in hand, Jebbit spent a summer with Highland Capital, later going on to receive $29,000 from HubSpot’s Dharmesh Shah through the FutureM Shark Tank event. Three months later, more than $200,000 in additional financing was announced, as well as the founders’ choice to take a leave of absence from school.