The media analytics platform RedTrack, founded by Ukrainian entrepreneur Vladyslav Zhovtenko, has raised $3.2 million in a Series A funding round led by Lead Ventures.
The new funds will be used to strengthen the development team, accelerate the creation of AI-driven products, and capitalize on existing achievements in the U.S. market.
Founded in 2017 in Vilnius, the startup serves over 800 businesses worldwide, including e-commerce stores and marketing agencies across more than 100 countries. The platform manages 60,000 advertising accounts and helps generate over $2 billion in revenue. The company's solutions can be integrated with platforms such as Facebook, TikTok, Google, and Shopify.
According to LinkedIn data, the company currently employs 45 specialists, up from 23 in 2021.
Vladyslav Zhovtenko has been working in digital marketing since 2000. His first product for analytics and data consolidation for media buying was developed in 2004 for internal use at his company. However, the product lasted only three months before failing due to the large amount of data. In 2020, the startup received an investment of $500,000 from the venture fund Genesis Investments, in collaboration with a Lithuanian fund.
"We focused on improving the platform and creating a multi-touch attribution model. When you sell a complex product, one touchpoint is not enough. RedTrack allows businesses to see the entire sales funnel and understand every interaction," Zhovtenko commented on the news.
In 2023, internet advertising revenue reached an all-time high of $225 billion, with $64.9 billion coming solely from social media advertising.
