The company, which began life as a social media monitoring service, has evolved into more of an ad platform – placing marketing against relevant online content whether on forums, blogs or websites.

CEO Dave Hills (pictured) said: “BuzzLogic is a very different company than it was two years ago. Before we were helping brands understand what consumers were saying, now we’re helping brands engage with the consumers by activating media for them. Before we were listening. Now we’re listening and engaging at huge scale.

“The current round of funding shows confidence in our new business model and takes us to profitability.”

BuzzLogic’s funding to date totals $28m. Its backers include Bridgescale Partners and Adams Capital Management.