CitrusAd Snares Five New Retail Clients
Australian digital ad platform CitrusAd has announced the signing of five major international retail clients, including Groupon in the US and Sainsbury’s in the UK, as revenues more than double to AUD$1 million a month thanks to a COVID-inspired online shopping boom.
Brisbane-based Citrus, which has also opened its third office in the US, currently supports 40 retailers in 22 countries, serving 28 billion ad requests annually. It has achieved 2000 per cent growth compared to this time last year.
To this, Citrus will add Sainsbury’s, one of the two largest supermarket chains in the United Kingdom, and Chicago-based Groupon, the American global e-commerce marketplace which connects subscribers with local merchants by offering activities, travel, goods and services in 15 countries.
Following a spate of recent deals, CitrusAd will now also be used globally by Ocado (the world’s largest dedicated online grocery supermarket), PC Components (Spain’s leading digital e-tailer), UK retailer Argos and leading international technology distributor Tech Data.
In Australia, the CitrusAd digital advertising platform is already used by major retailers including Coles, Woolworths, Officeworks and Dan Murphys.
Launched in 2017 by former Adelaide Crows footballer, Brad Moran, CitrusAd is a retail SaaS (Software as a Service) company that turns retailer websites into revenue-generating digital advertising platforms.
The CitrusAd platform allows brands to buy space for their products on retailer websites, rivalling the advertising capability that in less than two years made global retailing giant Amazon the third-largest advertising platform in the world.
CitrusAd cofounder and CEO Brad Moran said the COVID-19 lockdowns around the world had turbocharged sales for the company.
“It has catapulted us 10 years into the future,” he said. “In the past eight weeks, we’ve seen online orders for retailers increase by four to five times, which has put a rocket under our revenues,” Moran said.
However, although CitrusAd growth has surged during international lockdowns, the company nearly missed out on a multi-million-dollar investment at the start of the pandemic.
Brad admits that CitrusAd’s prospects did not look so rosy in late March as it was about to conclude a $6.5 million investment by Moelis Australia’s Growth Capital Fund as part of a $7.5 million capital raise to fund growth. “COVID-19 really changed the landscape,” he explained.
“Just as we were finalising the Moelis Australia investment after a six-month capital raise process, the first wave of the COVID-19 economic tsunami hit, with stock markets plunging, death rates climbing and countries starting to close their borders. That uncertainty meant we had to do a lot more work proving our potential to Moelis Australia, but they ended up supporting us as promised and now – two months on from that investment – our business is booming. CitrusAd is now working with 40 clients in 22 countries including 10 of the top 50 eCommerce companies in the world.”
Moelis Australia managing director and portfolio manager Jaron Yuen said: “We were impressed with the maturity and commitment of the founders and the traction the business has generated with leading retailers globally. The broader market dislocation certainly added extra layers of scrutiny in our investment processes. Most importantly, however, we are pleased to have the opportunity to support the growth of an innovative Australian company.”
To support its growth, CitrusAd has established three offices in the US – in New York City, Chicago and most recently in Los Angeles – and opened offices in Spain and the Netherlands to extend its London presence.
Please login with linkedin to comment
citrusadLatest News
Enjoy A Hahn Solo… And May The Fourth Be With You
This May the fourth Hahn will celebrate alongside Star Wars fans rewarding their passion via a giant Hahn travelling solo through the sky. It’s the one day of the year when all sci-fi fans rejoice and giggle to themselves and Hahn in partnership with Thinkerbell, UM and Affinity is celebrating with an out of this […]
DMARGE Founder Unveils Creator-Led Social Media Agency Feedstar
New creator-led social media agency Feedstar to be aimed directly at Gen Zs. Well, they'd hardly want print, would they?
TV Ratings (02/05/2024): A total of 1,753,000 Aussies Witness Port Adelaide’s Defeat
Seven's AFL numbers almost double that of the NRL last night. The NRL still easily winning for ruptured ACLs.
Hotglue Cashes In With La Trobe Financial Digital Media Account
Hotglue staffers learning their cashflows from their collaterals today after nabbing La Trobe Financial's digital media.
M&C Saatchi’s Sydney Creative Lead Exits
B&T's stopping short of calling it a revolving door at M&C at the present, but there's definitely heat on the hinges.
Taylor Swift’s Music Re-Enters TikTok As Universal Pens Landmark Deal
Yes, B&T may have spent 152 hours failing to get Taylor Swift tickets, but, as you'll read here, it's all behind us now.
HAVAS Red launches inaugural Influencer White Paper
Havas Red has debuted its first influencer white paper. Unless you print it out in colour, of course.
Two Sides Global Campaign Reports Increasing Greenwashing As Organisations Focus On Sustainability
New report confirms greenwashing's on the rise. Apparently Mars' 'work, rest & play' claims also under investigation.
Aruga Launches New HQ & Changed Ownership Structure
PR agency Aruga proves Brisbane is 'so hot right now'. So hot in fact, Adelaide's had to go on anti-anxiety meds.
Delicious & American Express Partner To Launch Month Out 2024 In Sydney
Cost of living got you eating noodles prepared in the two-minute style? Why not live vicariously through this.
Aussie Ad Market Continues Decline In March
The belt-tightening in adland shows signs of a turnaround soon. Bar the belt-loosening at the all-you-can-eat buffet.
VMA Focuses On Skills And Training For Members
If there was a post-COVID hangover (bar the anti-vax ranters) it was the rise in skills shortages. Here's another one.
Nearly 90% Of Consumers Want Transparency About AI Images, Finds Getty Images Report
Study finds consumers want transparency around AI images. Couldn't care less about photoshopped magazine covers.
The National Breast Cancer Foundation Partners With VML To Boost Funds
Anyone else feel we've exhausted the office morning tea for cancer? B&T proposes the office moonshine still instead.
Perry ‘Pez’ Lazaris Named New National Hit Network Announcer
Why is it mandatory for the media to only publish the nicknames of people in radio & underworld crime figures?
Before Adland: Garry Dawson’s Journey From Teacher To Marketer
Here, the Hopeful Monsters marketer talks his shift from the classroom to the room wherever marketers congregate.
Scott Cam Urges Tradies To Prioritise Sun Protection
The Block host promoting sun protection to tradies. Also, don't try getting into the RSL after 6pm wearing high viz.
PubMatic Study: Advertising On Retail Media Is 50% More Effective Than Social Media
New study finds retail media 50% more effective than social. B&T says two-for-one Tim Tams trumps the lot.
From MOWING to life GROWING: Jim Penman launches ‘Life Coaching’ services
Can't decide on getting the hedges trimmed or finding a deeper meaning to life? You're in luck with this new venture.
Budweiser Brazil Turns Songs That Name Drop The Iconic Brand Into Spotify Ads
It's strange that Budweiser never found a market among beer-swilling Aussies. Then again, neither did the fluffy duck.
Effie Worldwide Strengthens Board With 6 New Members
B&T hopes everyone's wearing their Maseur sandals at the Effies, as it's standing room only at the next board meeting.
Special Enlist A Penguin Named Nigel In Latest Energy Campaign For Contact
Special unveils Nigel the penguin in work for energy provider Contact. Apparently Percy the peacock was booked.
Anya Taylor-Joy, Chris Hemsworth & George Miller Ignite Sydney For Epic Mad Max Launch
The Mad Max film franchise is Australia's cinematic gift to the world. That & Chris Hemsworth's near perfect cheekbones.
IAS Launches First-To-Market Integration With Roblox To Provide 3D Immersive Measurement
Always thought you could do with better 3D immersive measurement? Happy days are ahead here.
Fast And Furious: Top Gear Australia Launch Thrilled Motorheads, Car Entusiasts And Guests
B&T is still no closer to knowing who the new Stig is, except that she is a woman and a ridiculously fast.
TV Ratings (02/05/2024): Seven’s The 1% Club Wins The Night
The 1% club did not live up to its name when it comes to TV ratings last night.
TRA Welcomes Raft Of New Hires; Bolstering Expertise Across Markets
Insights and research agency TRA announces slew of new hires. Still no news on the return of marble wash denim, however.
CX Lavender Hires Boston Consulting Group’s Kim Verbrugghe as Chief Strategy Officer
CX Lavender announces new strategy hire and channels 'acoustic folk act at local RSL' for the publicity pic.
Opinion: Community standards, will they be the death of us?
This columnist is talking community standards. Sadly not those people who put dogs in trolleys in supermarkets.
Tegel gets heads bobbing with new free-range chicken platform
Sure, there's a lot of moral considerations when buying a chook. Yet, not as baffling as buying eggs or canned tuna.
Study: 66% of Aussie men believe masculinity is under attack
Two-thirds of Aussie blokes say masculinity's under attack. That said, sales of Solo lemon drink appear robust.
‘Equal Writes’: Canyon reveals new campaign and refreshed brand for women and non-binary writers
As this brand redesign again proves, nothing beats black on white. Well, white on black in this instance.
Icon Agency bolsters consumer and integrated offer with major hires
Icon Agency unveils new recruits. As press photo confirms office moustache competition now a lay-down misère.
Clemenger launches agricultural graduate program
Has Farmer Wants A Wife triggered an interest in dagging & hay balers? This grads program may resonate.
Levi’s Appoint UM As Global Media Agency For $217m Account
Levi's are the jeans for rockstars, models & the cool kids. Although that's not stopped dads from ruining their image.
QMS Nabs Sean Rigby From oOh!media
Things set to get spicy at the next Outdoor Media Association dinner and dance as a rival gets poached.