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Test and target company Monetate gains funding

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Philadelphia—Monetate, a provider of testing, targeting and marketing personalization services for websites, has secured $5.1 million in financing and plans to use the funds to increase staff from 30 to about 50 employees.

Underwriters include First Round Capital, a venture firm based outside Philadelphia, and Floodgate Fund, based in Palo Alto, Calif.

Monetate’s Web-based service provides data on clicks and advertising effectiveness to determine which ads work best. The company provides an analytics suite and dashboard, enabling users to launch targeted advertising campaigns quickly.

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