Edinburgh-based digital marketing consultancy, QueryClick, plans to expand its operations following a £2 million investment boost.
The investment, which was led by Archangels in partnership with the Scottish Investment Bank (SIB), will enable QueryClick to recruit additional analysts and sales staff.
QueryClick said it also plans to mount a “significant marketing effort” to accelerate its growth in the fast-developing digital advertising industry.
Niki McKenzie, investment director at Archangels, said: “Knowing which advertising works – and which doesn’t – has always been the holy grail for advertisers. QueryClick’s software is already proving its immense value to its early adopters, making us confident that, with the right support, QueryClick will prove to be another success story for Scotland in this fast-developing sector.”
Founded in 2008, the Edinburgh firm employs 54 staff and currently manages over £1 billion of client spend across 28 countries worldwide. The company works with well-known brands including Aggreko, BT, EE and Vitality.
QueryClick has developed machine learning-based marketing software that enables companies to precisely allocate their investments in different marketing channels to ensure the maximum possible return on investment.
While attribution solutions have long been widely available, QueryClick’s Corvidae reveals up to 334% more data for attribution, tracking the “customer journey” across all advertising platforms including television, newspapers, magazines, out of home and digital.
This level of insight, according to QueryClick, enables customers to increase the effectiveness of their digital advertising. Moving forward, the market for Corvidae is viewed as substantial, with $316 billion worldwide forecast to be invested in digital advertising in 2019 alone.
Chris Liversidge, founder and CEO of QueryClick, commented: “When digital marketing took off, everything was supposed to be measurable and optimisable – but, in fact, attribution has for years been digital marketing’s broken promise.
“We recognised that the emergence of machine learning offered a new opportunity for our industry to get attribution right for advertisers, who deserve batter, and this investment gives us renewed impetus to take our unique solution out to them.”