Adform funding round tops European ad tech's $50m week
Denmark-based programmatic company Adform has announced $21.5m in funding, just days after fellow Nordic outfit Kiosked announced a $30m cash-injection, as the European ad tech scene gathers pace.
Programmatic advertising firms are more commonly known for their US-genesis - or Israel for that matter - and the fact the dual funding round has been funded entirely by European sources is a sign that ad tech is seen as a growth opportunity for the economies of the beleagured Eurozone.
Adform - a programmatic company that offers a "full stack" of advertising services - revealed the corporate bond loan from Scandinavian Pension Fund, Danica, which will be used to further its European expansion.
In particular, Adform will use the funds to bolster its US presence - having announced several key hires there earlier this year - along with extending its product offering, as it hopes to prove a key point of difference to the industry's 'walled gardens', such as Facebook and Google.
This funding follows a $5.5m series-b funding issued 18 months ago. Gustav Mellentin, CEO at Adform, added: "Danica’s funding provides us with a fantastic opportunity to continue this vision, by further investing in innovation, product development and continued growth, particularly in the US, where we have already had great traction”.
Meanwhile, Finland-based Kiosked announced its bumper funding round to accelerate its development in Europe, the US and APAC. The timing of the funding news coincides with the opening of its New York City office headquarters in Times Square, where it also receruited several local sales veterans to establish its presence there.
Kiosked hopes to prove its point of difference in the market by delivering more higher revenues from programmatic advertising for publishers through native advertising. It currently counts The Daily Mail, Evolve Media, Answers.com and Perez Hilton among its clients.
Micke Paqvalén, CEO and founder, Kiosked, said: “For every one dollar spent by advertisers, only forty cents is delivered to publishers. This is precisely why the current advertising environment is unsustainable - the publisher and the consumer are receiving little to no value.”