NewsCred raises over £25m in funding to help brands be their own publishers
NewsCred has raised over £26.7m in growth equity funding to help scale its UK and European operations.
New York-based FTV Capital, which specialise in enterprise solutions, led the round of funding with Liron Gitig, partner at FTV Capital, joining the NewsCred’s board of directors.
The technology firm, whose customers include Barclays, Dell, Visa and Pepsi, lets brands manage content creation, distribution, and measurement through a single platform. Advertisers also benefit from the licensing agreements which NewCred has with the likes of the BBC, The Daily Telegraph, The Guardian, The Economist, The Financial Times and The Independent.
The funding will also help strengthen NewCred’s newsroom which it created in March last year. The arm of the company serves as a huge advantage to brands, allowing them to become their own publishers by commissioning content with the company’s journalists.
NewsCred chief executive and co-founder Shafqat Islam described the traditional trend of media buys and banner ads as “outdated and underperforming”. He added that the landscape has become increasingly complex as a result of trying to scale content across global teams and numerous channels such as websites, email, social and TV and asserted that “brands need a single platform to easily orchestrate all their marketing efforts”.
Liron Gitig, partner at FTV Capital described NewsCred as “as enterprise solution that the market absolutely needs” and emphasised the importance of marketers being their own publishers by pointing out that the “marketing landscape is converging and content is at the core”.
The latest round of funding builds on the £15.9 million round raised in January which has helped the company increase its bookings three fold in the last 12 months and form agency partnerships with Havas Media Group, Mindshare and Droga 5.