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.
