Innovid Secures $11M in Series C Funding from Sequoia and Vintage Venture Partners Latest funding positions Innovid to continue global growth and further expand its video advertising platform into new screens such as gaming consoles, connected TV, VOD and broadcast TV
NEW YORK, March 6, 2013 /PRNewswire/ -- Innovid, the technology platform delivering immersive video advertising anywhere, today announced that it raised $11 million in Series C funding. Existing investors Sequoia Capital, Genesis Partners, and T-Venture (Deutsche Telecom) participated in the round, with a new investment from Vintage Investment Partners. This announcement comes on the heels of a global leadership position in the agency video ad serving market with 450 percent year over year growth for the company. The funding will be used to continue Innovid's rapid global growth in video ad serving across PC, mobile and tablet, as well as expand into new screens including gaming consoles, connected TV, video on demand and broadcast TV.
"Innovid's swift worldwide growth is indicative of the advertising industry's need for a platform that advances TV advertising to the next stage," said Doug Leone, General Partner of Sequoia Capital, which has funded an unprecedented number of enormously successful companies including Google, Apple, LinkedIn and Cisco. "Leveraging its proven technology and experienced team, we are confident Innovid will fulfill its vision to revolutionize the world of TV advertising."
Innovid's video technology platform provides brands and marketers with the tools to create, deliver, and measure video advertisements from simple pre-roll campaigns to the most complex addressable and interactive units. The company's iRoll® formats bring alive a new dimension for digital video, adding native, interactive elements to flat pre-roll ads. Marketers can insert interactive elements in their video ads, including games, contest entries, social apps, coupons, additional video, shopping carts, store locators, and any other creative ideas to capture viewers' curiosity and create powerful, immersive experiences for consumers.
The company's expertise has been widely validated in the industry. In fact, Innovid was recently selected as a winner of the IAB's Digital Video Rising Stars and will join other winners in working groups to define the final specifications of interactive video formats for the industry. In addition, Innovid's advanced video ad server is being used by global brands like Toyota, Nissan, Chrysler, Sony Pictures, Paramount, GSK, eBay, T-Mobile, EA, and Best Buy among others.
"TV ad spending in the U.S. alone was estimated to reach $70 billion last year. Imagine the increased value of those dollars when brands add personalization, interactivity and advanced measurability to their ads," said Zvika Netter, co-Founder and CEO of Innovid. "Our technology is the first to bridge TV and digital by bringing together the powerful visual experience of video and the full personalized and interactive capabilities of the Internet."
The latest funding brings Innovid's venture funding total to approximately $27.6 million. The company previously received $3 million in Series A from Genesis Partners; $4.1 million in a venture round from Genesis Partners and T-Venture; and $9.5 million in Series B from Sequoia Capital, Genesis Partners and T-Venture.
Innovid delivers immersive advertising anywhere. Founded in 2007, Innovid provides visionary marketers with the tools to create, deliver and measure video campaigns, in any format, on any screen, publisher or ad network. Innovid's Ad Server was developed to address the issues specific to video ad serving and simplify the process for agencies and marketers. Bringing a new dimension to online video, Innovid's iRoll reimagines the possibilities for interactive engagement across multiple screens. For more information, visit www.Innovid.com.