Innovid/ION pick up additional $50m in funding
October 21, 2021
Innovid, an independent connected TV (CTV) advertising delivery and measurement platform, and ION Acquisition, a special purpose acquisition company, have announced an additional $50 million (€42.9m) private placement of common stock (PIPE) from a group of existing PIPE investors adding to initial commitments on the same terms as the initial PIPE financing in their business combination transaction announced in June. This brings the aggregate amount of PIPE commitments to $200 million.
The combined company will operate under the Innovid name and will trade on the NYSE under the CTV ticker symbol.
“The rapid increase in CTV advertising investment has created an undeniable opportunity for Innovid’s independent technology platform to deliver and measure CTV advertising free of media bias,” said Zvika Netter, CEO of Innovid. “This expanded investment further demonstrates a vote of confidence from leading institutional investors in our vision after a strong first half of 2021. We believe this is only the beginning as more viewers and dollars shift from linear TV to CTV, and are proud to carry the CTV name in our ticker symbol.”
Gilad Shany, CEO of ION, added: “We are pleased to see additional demand from top-tier investors as we approach the closing of our business combination with Innovid. Demand for the PIPE continues to exceed our initial targets and the expansion to $200 million under the current market conditions is a powerful testament to the business Innovid has built and its future growth opportunity. I look forward to joining the board after closing and deepening the close strategic relationship ION has built with Innovid’s management team over the last few months.”
The transaction is expected to close in Q4 of 2021.