PlaceIQ has a new, big-name investor — Chinese e-commerce giant Alibaba.
The companies aren t disclosing the size of the deal; they ll only say that it s a strategic, minority investment, and that it s an addition to the $25 million round that PlaceIQ announced at the beginning of this year.
Co-founder and CEO Duncan McCall told me this is part of a larger partnership, where Alibaba will be using PlaceIQ s technology.
I don t want to speak for Alibaba , but in my mind, they didn t want to invest in a company — they wanted to find a strategic partner, McCall said.
PlaceIQ combines location data with first-party data from marketers to provide a fuller understanding of consumer behavior — not just whether someone s visited a car dealership, for example, but whether they re actually shopping for a car, and what kinds TV stations they re likely to watch.
McCall said Alibaba could use PlaceIQ s technology in a variety of ways, including marketing, product recommendations and providing data for broader decision-making.