Companies routinely receive three, five, or even ten million dollars in various funding rounds; reporting on it kind of dulls you to those huge amounts. But iCrossing, a “global digital marketing company,” has just received $62 million, and that’s definitely worth a closer look.
If you don’t agree, blame Goldman Sachs for the existence of this article – that firm led investors. Oak Investment Partners also participated, and Ren Riley, who serves as a general partner there, gave a statement in the official press release. “[iCrossing] has successfully built upon its core expertise in search to create a ‘next-generation’ digital marketing agency,” he began.
“Over the last nine years, the iCrossing team has proven that they understand how to make digital marketing work for the Fortune 500. The company is also ideally positioned to help big brands leverage opportunities in emerging channels such as video, mobile and social media,” Riley concluded. And those fields are certainly where everyone appears to be headed.
It’s hard to say with any specificity, however, what iCrossing will do with its $62 million. Even Red Herring’s Tomio Geron, who got an interview with iCrossing’s CEO, discovered little. “Raising this money adds to our war chest and strategic acquisition capital,” Jeff Herzog told him.
In any event, iCrossing already counts Yahoo, Google, MSN, and Ask among its partners, and Coca-Cola, General Motors, and PR Newswire among its clients; $62 million in funding isn’t likely to drag the company down at all.
