VideoAmp nabs $70MN in financing round | Media Investment | Business
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Video advertising specialist VideoAmp has raised $70 million in new funding led by The Raine Group.

videoamp 2 may 2019The Raine Group invested $50 million, with Ankona Capital contributing an additional $20 million. In conjunction with the round, media executive Peter Liguori, most recently the president and CEO of Tribune Media, will join the company as a senior advisor and will join the board of directors. Erik Hodge, MD of the Raine Group, will also join the board.

VideoAmp has realised net revenue growth of more than 700% over the past two years, and it said it will use the new capital to scale its enterprise sales by expanding its customer success and data science teams.

"With more than $35 billion in TV, OTT and digital video advertising dollars not reaching their desired customer targets each year, the entire industry needs to evolve," said Ross McCray, co-founder and CEO, VideoAmp. “By optimising marketing investment to sales versus eyeballs, everyone wins. Marketers will generate more sales from their advertising dollars, media owners will better monetise their audiences, and consumers will enjoy premium video content with more relevant and fewer repetitive ads.”

He added, “We are thrilled to complete this round of financing and to have The Raine Group and Ankona Capital as partners, which will allow us to rapidly expand our footprint as the leading independent platform that the industry needs right now.''

VideoAmp matches of marketers’ first party sales/conversion data and ad exposure data from multiple MVPDs, smart-TV manufacturers, OTT services, mobile apps and premium content providers. The software optimises linear TV, OTT and digital video advertising by measuring how the ads performed against in-market sales prospects. It then recommends optimisations and automates their execution.

"The current media environment has created an ever-increasing appetite among marketers and media owners for innovative video data and measurement solutions," said Hodge. "Of the emerging companies in the space, VideoAmp stands out for its product and technology team – led by an extremely talented and dedicated entrepreneur, Ross McCray. We are excited to back both Ross and VideoAmp on the company's next stage of rapid growth."