VideoAmp, a Los Angeles based startup that simplifies how online advertising is managed, announced it has raised $70 million in new funding led by The Raine Group, an investor that focuses on technology, media and telecom.
Besides Raine Group, Ankona Capital also joined in the growth round of funding.
VideoAmp, which attained revenue growth of more than 700% over the past two years, plans to use the capital infusion from this current round to scale its enterprise sales by growing its customer success and data science teams to support growing demand from marketers, agencies and media owners.
“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 of VideoAmp in a statement. “By optimizing marketing investment to sales versus eyeballs, everyone wins.”
McCray added by optimizing marketing investment to sales rather than counting eyeballs, marketers will generate more sales from their advertising investment, media owners will better monetize their audiences and consumers will see ads that are more relevant and less repetitive.
“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,” He said.
VideoAmp will also be adding new board members with this financing round. Peter Ligouri, formerly President and CEO of Tribune Media will now be Senior Advisior and will be joining VideoAmp’s board of directors. Erik Hodge, Managing Director and head of Raine Group’s LA office, also joins VideoAmp’s board.
VideoAmp currently has more than 50 top customers, including GroupM. Essence, Tyson Foods, A+E Networks, Tubi and AMC Networks.