Innovid Secures $11 Million in Series C FundingFunds Wil Help Expand its Video Ad platform to Gaming Consoles, Connected TVs, VOD, Broadcast 3/06/2013 12:50 PM Eastern
Innovid announced Wednesday that it has 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. The additional funding will be used to expand the company's video advertising platform into gaming consoles, connected TVs, VOD 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. "Leveraging its proven technology and experienced team, we are confident Innovid will fulfill its vision to revolutionize the world of TV advertising."
"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," added Zvika Netter, cofounder 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 about $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.