David Shim sold his location-based measurement firm, Placed, to Foursquare in May with the goal of becoming a one-stop shop for advertisers’ location data.
Shim talked to Business Insider about building the eight-year-old firm and having it acquired twice: Prior to selling the firm to Foursquare, he sold it to Snap for $135 million in 2017.
Shim credits Placed’s focus on measurement and a “conservative” approach to advertising in helping his company weather a tough market for ad-tech companies as regulation and privacy concerns grow.
Click here for more BI Prime stories.
David Shim didn’t want to work in advertising when he founded his measurement startup, but the firm has been acquired by two companies that are betting big on location-based ads.
In May, Foursquare acquired Placed, Shim’s location-based measurement firm, as part of a $150 million round of funding led by The Raine Group.
Read more: We got the pitch deck Foursquare is using to sell advertisers location data — even as regulation and privacy concerns mount
The Foursquare acquisition is the second time Shim has sold his eight-year-old firm. In 2017, Snap acquired Placed for $135 million to help advertisers with attribution, a metric that tracks ad exposure with real-world purchases and foot traffic.
In January, Foursquare CEO Jeff Glueck approached Snap to see if it would be interested in selling Placed. Snap had acquired Placed when it didn’t have a self-serve advertising platform or its own first-party location data. According to Shim, Snap wasn’t looking to sell Placed but asked if Shim would be interested in meeting with Glueck.
“They were transparent and [said], ‘someone reached out — do you want to have this conversation?'” Shim said.
From there, Shim said it became clear that Foursquare could help Placed grow more and become part of Foursquare’s tech stack for marketers.
“That got …read more
Source:: Business Insider