Simulmedia has closed a $29 million Series E equity investment round, led by long-time investor Union Square Ventures through their new 2019 Opportunity Fund. All existing institutional investors, including Avalon Ventures, WarnerMedia and Valiant Capital, are also participating.
In additional news, David Levy, former president of Turner Broadcasting and longtime senior executive at Time Warner and AT&T’s WarnerMedia, has rejoined the Simulmedia Board of Directors as an independent director.
In a blog post, CEO Dave Morgan said: “It’s no accident that these moves coincide with significant and positive market developments. In the six or so months since we announced the unbundling of our targeted TV media offering into a transparent, software-driven, national TV ad marketplace that operates across all of the largest national TV programmers and broadcasters, we have seen our revenue double, year-over-year, and our profit grow significantly. Clearly, the mission that Simulmedia was founded on more than 10 years ago – to help advertisers and media owners solve for the growing fragmentation, waste and opacity in TV and premium video advertising while driving more campaign yield – is resonating. That makes now the perfect time to strengthen our balance sheet as we prepare for even more growth from a surging market for a digital and data-driven approach to TV advertising.”