HookLogic Raises $15.5M Round to Grow, Sells Off AutoHook Division
New York-based HookLogic announced Thursday it raised $15.5 million in a Series C round with new and existing investors, and separately sold its AutoHook division to Urban Science, a Detroit-based developer of software for marketing in the automotive industry.
HookLogic developed a performance marketing platform that brands can use to reach consumers on retail and travel sites run by the likes of Walmart, Best Buy, and Expedia. The latest funding included new investors Mousse Partners and Fung Capital, as well as existing investors Intel Capital and Bain Capital Ventures.
Jonathan Opdyke, CEO of HookLogic, said via e-mail that his company plans to use the new funds to further its expansion overseas. HookLogic already operates in Britain with such retail sites as Asda, Argos, and Boots. Since its founding in 2004, HookLogic has raised some $39.5 million.
Opdyke would not comment, however, on why the AutoHook division was sold. The software from AutoHook uses data to help dealerships find customers who are looking to buy cars, and then make time-sensitive offers to lure them into showrooms. Terms of that deal were not disclosed.