Innovid, a leading video platform which supports the creation, delivery and evaluation of video experiences on any device globally, has announced $27.5 million in funding. The amount also includes $12.5 million in debt financing from TriplePoint Capital and Silicon Valley Bank. The financing round saw participation from a new investor, New Spring Capital, along with existing investors, including Vintage Investment Partners, Sequoia Capital Israel, T-Venture, Cisco Ventures and Genesis Partners. Innovid intends to utilize the fund to support innovation in its cross-screen video technology and global expansion.
Zvika Netter, Chief Executive Officer and Co-Founder, Innovid, said in a release, “We are excited about this latest investment that will further enable us to accelerate our business in the rapidly-evolving market of TV.”
Innovid, which is the only platform that provides advanced and pre-rolled video ads for all device types, has recorded 420% YOY growth, delivering exclusive video ads for over 40% of the top 200 American TV advertisers. Its clientele includes the likes of Best-Buy, Wal-Mart, Chrysler, Proctor & Gamble and Pfizer. The company caters to 220 accounts and also boasts the largest number of video publisher certifications.
The latest funding will enable Innovid, which already has 200 employees across eight global centers, to strengthen its product innovation and customer success in the APAC and EMEA regions as well as the US.