Goldman Sachs invests $300m in Madhive
June 13, 2023
Madhive, an advertising software platform engineered for modern TV advertising, has signed a definitive agreement with the Private Equity business within Goldman Sachs for a $300 million (€277.9m) investment in the company.
Goldman Sachs’ equity investment comes as Madhive’s connected TV (CTV) advertising software platform is playing a role in the TV industry’s expansion from linear TV advertising into streaming, primarily through its broadcaster clients including Fox, Scripps and TEGNA, among others. The partnership with Goldman Sachs will enable Madhive to further accelerate the growth and adoption of its CTV platform, most notably within the local advertising market, as well as expand new channels such as national / direct-to-consumer advertisers and retail media networks, who are looking to modernise and scale their CTV offerings.
“Since inception, Madhive has been on a mission to modernise and simplify the ad-tech ecosystem. We purpose-built the Madhive platform in anticipation of the growth of streaming TV — investing in engineering, technology, and infrastructure,” said Adam Helfgott, Founder & CEO of Madhive. “Our growth stems from collaborating with partners to solve a host of their unique requirements. Through our fully end-to-end tech stack for TV advertising, media sellers and advertisers have the flexibility and tools to reach streaming audiences efficiently at scale.”
“Madhive believes in extensive collaboration to move the industry forward, and we are excited to partner with Goldman Sachs to fuel our next chapter of growth,” said Spencer Potts, President of Madhive.
Upon closing of the transaction, Helfgott will transition to Strategic Advisor and Chairman of the Board and Potts will transition to CEO of Madhive.
“We have been deeply impressed with Madhive’s growth and success in the local CTV advertising market within just seven years since its inception,” said Leonard Seevers, a Partner and Co-Head of Technology, Media and Telecom investments in the Private Equity business within Goldman Sachs. “We are incredibly excited to partner with the Madhive team to drive long-term growth and value creation together.”
“We believe Madhive’s purpose-built, end-to-end CTV platform which enables hyper-local precision targeting at national scale is truly differentiated within the ad-tech ecosystem,” added Joon Park, a Managing Director in the Private Equity business within Goldman Sachs. “We see tremendous growth ahead in the company’s existing and adjacent markets and look forward to supporting Madhive to further accelerate the company’s journey.”
Madhive is headquartered in New York and has approximately 200 employees, with headcount expected to increase by 20 per cent in 2023. Most recently, Madhive hired the former Google and Pinterest executive, Jon Kaplan, as Chief Revenue Officer. This year, Madhive also hired the former Roku and Hulu executive, Kristin Wnuk, as SVP of Sales and the former Affirm and Capital One Software executive, Darien Ford, as Chief Technology Officer.