The funding has been co-led by Goldman Sachs Principal Strategic Investments (PSI), Nasdaq Ventures, DRW Venture Capital, Tribeca Venture Partners and existing investors Tribeca Angels and TLcom Capital.

The investment will support growth, product innovation and data privacy initiatives.

As part of the financing, Brian Hirsch, co-founder and managing partner at Tribeca Venture Partners, and Marco DeMeireles, head of private investments at Balyasny Asset Management, have joined Cuebiq’s board of directors.

Cuebiq’s proprietary methodology enables anonymous collection of location data and analysis of aggregated offline trends. This data and intelligence helps marketers with brick and mortar sites better understand offline consumer trends, analyse store performance and measure marketing activation effectiveness.

Antonio Tomarchio, CEO of Cuebiq, said: “Since its inception, Cuebiq has been committed to protecting users’ privacy, which has earned the company NAI and TRUSTe certifications. This commitment made the desire to partner with like-minded investors a critical factor. Cuebiq is not only ready for GDPR compliance in Europe but is also working with its partner apps worldwide to adopt the same forward-thinking framework. We believe that privacy and transparency will be beneficial to all stakeholders – from end users, to app developers and data companies alike.”

Cuebiq’s headquarters are New York with offices in San Francisco, Chicago, Italy, and China.