Admedo, a UK-based company providing an in-house advertising software-as-a-service, has raised $2m in its series A. The round was led by Sussex Place Ventures, London Business School’s fund management company, who were joined by Playfair Capital, Encore Capital and Kima Ventures.
Admedo, which was originally called adizio but rebranded in October 2013, is aiming to use $500,000 to advance its product development and hire more developers. It will put $1m towards expanding into new international markets. The remaining $500,000 will be driving business growth.
Sussex Place Ventures focuses on early-stage software companies. It was created in 1998 in support of the London Business School’s entrepreneurship programmes. In April 2014, it set up a new fund, called Regents Park Partners II, with a capital of £30m ($51m).
Admedo’s product puts it into the programmatic advertising sector of the industry. This refers to the use of software to purchase adverts, rather than two individuals or organisations negotiating directly.
Nick Moutter, chief executive and founder of Admedo, said: “I started Admedo to provide a solution that gives advertisers more control and transparency into where their ad spend really goes. The industry needs a wake-up call about the lack of accessibility and relevancy of online advertising. We are pleased to be growing a business that drives the benefits of programmatic to those already investing in online advertising, as well as new worldwide markets.”
Barnaby Terry, partner at Sussex Place Ventures, said: “The programmatic advertising industry, already worth $17bn, is expected to double by 2017. This disruptive technology is transforming the way businesses are advertising, and Admedo is well placed to enjoy strong growth.”
