In the midst of a challenging funding climate in the tech industry, Insider, a marketing platform originating from Turkey, has achieved a remarkable milestone by raising approximately $105 million in a recent funding round. This successful round has significantly boosted the company's valuation to nearly $2 billion. Founded in Istanbul in 2012, Insider has rapidly expanded its operations to encompass 28 countries. Leveraging the power of artificial intelligence, the platform utilizes advanced algorithms to predict consumer behavior, providing personalized marketing solutions to over 1,200 clients. Renowned names such as Singapore Airlines, Toyota Motor Corp., and Vodafone Group Plc count among the platform's notable clientele.
The raised funds will be deployed by Insider to drive its expansion efforts and pursue strategic acquisitions in both the European and US markets, enhancing its technological capabilities. Hande Cilingir, Co-founder and CEO of Insider, has hinted at the possibility of an initial public offering (IPO) in 2025 or early 2026.
In a recent noteworthy development, Insider made headlines with its acquisition of MindBehind, a messaging and conversational commerce platform based in Istanbul. The specific financial details of the acquisition have not been disclosed. The funding round was led by the Qatar Investment Authority and Esas Private Equity, a buyout firm based in Istanbul. With this latest investment, Insider's total capital raised now amounts to $274 million. In a previous Series D round held in March 2022, the company successfully secured $121 million from seven investors, resulting in a valuation of $1.22 billion.
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