Innovid, the video platform, has raised $27.5 million (€25.4m) in funding. New Spring Capital has become the latest investor in the company, while all previous investors, including Sequoia Capital Israel, Genesis Partners, Cisco Ventures and T-Venture, participated in the round.
$12.5 million of the financing was received as debt financing from Silicon Valley Bank and Triple Point Capital.
This latest investment in Innovid is a result of the company’s 420 per cent year-over-year growth to bringing on over 220 accounts, including advertisers such as Best-Buy, Chrysler, Pfizer, Proctor & Gamble, and Wal-Mart. Innovid is exclusively serving video advertisements for more than 40 per cent of the top 200 TV advertisers in the US.
The Innovid video platform that can serve pre-roll and advanced video ads across every device— including desktop, mobile, gaming consoles and connected TV/OTT. The company also claims to have the largest video publisher certification footprint, allowing Innovid to maintain complete media neutrality.
“We are excited about this latest investment that will further enable us to accelerate our business in the rapidly-evolving market of TV,” said Zvika Netter, CEO and Co-founder of Innovid. “With the majority of video advertising technology owned by media interests, Innovid has remained firmly media-neutral and open in its approach to video ad delivery, and therefore, have been favored by marketers who see value in partnering with an un-biased vendor that is purely focused on tech innovation.”
“Innovid has not only built competitive video technology, but was also able to demonstrate strong financial KPIs—and beeing profitable early on is one of them,” said Glenn Rieger, New Spring General Partner. “We are thrilled to add Innovid to our portfolio of successful technology companies, and help them accelerate their growth.”