Innovid, the world's leading video platform to create, deliver and measure video experiences on any device, today announced they have raised $27.5 million 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 TriplePoint Capital.
This latest investment in Innovid is a result of the company's 420% 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% of the top 200 TV advertisers in the US.
Innovid is the only 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 boasts the largest video publisher certification footprint, allowing Innovid to maintain complete media neutrality.
Innovid attributes its substantial growth to two key factors:
Media neutrality: Innovid is the only video platform that is not biased toward any media buying solution, generating its revenue entirely from Saas-based usage fees.
OTT capabilities: According to eMarketer, by 2019, U.S. home penetration of connected TV users will rise to almost 100 million homes. Earlier this year, Innovid announced a partnership with Roku, making them the first video platform to offer advertisers advanced video capabilities-such as personalized and interactive video ads within OTT content-to bridge the gap between digital video and TV from a single platform.
'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 being 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.'
Innovid, which currently has over 200 employees, and eight global offices, will also use the investment to rapidly expand its employee base in all major markets: US, EMEA and APAC; and across multiple key functions, specifically customer success and product innovation. To learn more about Innovid, please visit www.innovid.com.
About Innovid
Innovid is the world's leading video platform, empowering advertisers to create, deliver and measure the most innovative video experiences on any device and media outlet, while increasing scale, efficacy and ROI. Innovid has won several awards including AdAge Best Places to Work (2015), Crain's Best Places To Work (2015), IAB Mixx Rising Stars (2015, 2014 & 2013), Digiday Video Awards (2014 & 2012), iMedia Connection ASPY Awards (2013), and Creative Media Awards (2013). The company is backed by investors Sequoia Capital, Genesis Partners, T-Ventures, Cisco Investments and New Spring Capital. For more information, please visit www.innovid.com.