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Exclusive: Proxima raises $12M for e-commerce marketing tech

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Apr 2, 2024
Illustration of a bullhorn resting on top of a stack of one hundred dollar bills.

Illustration: Gabriella Turrisi/Axios

Proxima, a New York-based marketing tech platform, has raised $12 million in a Series A round, CEO Alex Song exclusively tells Axios.

Why it matters: Investors see opportunities in companies that help marketers better manage and use data, given privacy crackdowns by Apple and Google.

How it works: Proxima offers a data network and tools for marketers to manage and scale ad campaigns on social platforms like Meta and TikTok, along with email and text.

  • The platform has 65 million unique, anonymized shopper profiles from more than 12,000 brands.
  • Clients include MindBodyGreen, Joe & The Juice, Hint Water and Venus Et Fleur. Proxima typically charges clients a subscription fee with a 12-month contract.

Context: Speaking from Proxima's Soho office, Song says when he was working on private equity rollups, he identified the potential benefits of taking a platform approach to launching direct-to-consumer brands. He previously worked at Goldman Sachs and Pershing Square Capital Management.

  • In 2015, Song launched his first brand, WellPath, which offers nutritional supplements. He later created a dog supplements brand, Finn, and a gummies brand, Grummies.
  • In 2016, he founded DojoMojo, a marketing tech startup similarly focused on consumer brands. After seeing the impact of Apple's privacy changes on Grummies in 2021, he began building Proxima as a broader platform.

Zoom in: Mucker Capital led the Series A and was joined by Aglae Ventures (the family office of LVMH founder Bernard Arnault), Great Oaks Venture Partners, Data Point Capital, Broadway Venture Partners, FirstLook Partners and Connexa Capital.

What's next: Song says Proxima is building an AI assistant for its platform using large language models.

  • He plans to double the size of the 32-person team over the next 12 months.
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