Sidecar Raises Series C to Fuel Rapid Growth
About 18 months ago, we led the Series B investment round in Sidecar Interactive. We were excited to back Andre and his vision for applying advanced analytics and machine learning to transform the ecommerce ad market. Since our investment, Sidecar’s business has exploded as they tripled recurring revenue in 2016 while acquiring leading brands such as Under Armour and Crate & Barrel. Today we are pleased to announce our continued support of Sidecar through our investment in the Series C growth financing.
Sidecar’s success is yet another example of the power of artificial intelligence (AI) to fundamentally improve the performance of tasks and processes in the ever-evolving martech landscape (and across industries). In Sidecar’s case, the application of machine learning to the optimization of product ad bidding was core to the success of the company. As we look more broadly at the investment opportunities we are seeing here at Ascent, artificial intelligence as a theme continues to pervade and grow in importance. We see great promise in these AI-centric opportunities and we are eager to meet the entrepreneurs building them.