Funnely, a San Francisco, CA-based provider of a platform for e-commerce marketers to increase ROI by automating Facebook/Instagram ads, raised $988k in seed funding.
The round was led by Verizon Ventures with participation from 500 Startups, MITS Fund and Pallasite Ventures.
The company intends to use the funds to expand product development, sales and marketing efforts.
Led by Lucila Campos, CEO, Funnely provides a SaaS solution for e-commerce marketers to automate Facebook and Instagram ads, increasing ROI by lowering the cost per purchase and A/B testing times. The company creates a group of campaigns and optimizes them dynamically based on first-party data and assigns audiences for each campaign including exclusions to avoid overlapping clusters.
The solution also automates Facebook and Instagram ad placements and bidding and pre-selects ad types for each level.