DanAds, a white label self-serve Ad-desk for a publisher’s small and medium advertisers, has raised $5 million (approx £3.5 million) funding, led by Wellstreet. This round brings the total amount raised by the company to $44 million (approx £31.5 million) so far.
The funding will be used to accelerate further expansion into both the European market and new verticals, mirroring the success already experienced in both the US and the UK.
According to the company, DanAds has experienced a 125% growth in revenue since 2020.
New board members
On the other hand, the Swedish company also announced the strengthening of its board with the appointment of key investors and Sweden’s former Minister for Finance, Anders Borg, as Chairman.
In addition, Kristina Schauman, former CFO of OMX, Carnegie, and Apoteket AB, non-executive director on the board of a number of public and private companies including ongoing positions at Nasdaq-listed Afry, BillerudKorsnäs, and Nordic Entertainment Group, and Sophia Spala, partner at leading Swedish law firm Setterwalls Advokatbyrå and Head of Intellectual Property and Technology, has been appointed as new board members.
Other notable investors in this round include Hugo Stenbeck, Jonas Sjögren, Johan Andersson, and Alexander Hars.
Democratising online advertising market
Founded by Istvan Beres and Peo Persson in 2013, DanAds is on a mission to democratise the online advertising market by helping publishers to offer advertisers of all sizes a transparent alternative to the platforms provided by Big Tech.
The company’s cloud-based technology enables publishers to receive a greater share of digital advertising revenue by providing a direct line between publishers and advertisers.
Works with publishers, tech and streaming platforms
DanAds is currently working with some of the world’s leading traditional publishers including The Atlantic, Bloomberg Media Group, Hearst Magazines, Mail Metro Media, and Reach PLC.
The Stockholm-based company also works with tech and streaming platforms such as Roku, SoundCloud, and Tripadvisor.
At present, the company employs 25 people in Stockholm as well as more than 70 consultants worldwide.
Anders Borg, former Swedish Minister for Finance and Chairman of the Board comments: “DanAds has played a pivotal role in opening up a market that allows publishers of varying natures and sizes to compete on the same terms as Facebook and Google, which for a long time have dominated the market. I am, therefore, delighted to be joining DanAds’ board at such a key time for the company.”
Istvan Beres CEO and co-founder of DanAds comments: “This is an exciting time for DanAds, and it makes me proud that our company can attract such renowned and competent board members which opens up new avenues of opportunity and marks a significant step in the history of DanAds. We are incredibly grateful to our group of committed and engaged investors for their overwhelming support, and the vast interest we saw within the first 24 hours of the round opening was the best stamp of approval we could have asked for.
I am incredibly proud of the team we have here at DanAds who have helped us to achieve enormous levels of growth, despite the challenges that the past year has brought to our industry, and to also open up our offerings to untapped vertical markets, including TV streaming services. As we continue to grow, this funding will also play a vital role in helping us to continue bringing much-needed democratisation to what has long been a non-transparent and closed-off supply chain.”
Mikael Wintzell, CEO and founding partner at Wellstreet comments: “DanAds is currently on a rapid growth trajectory and we are excited to be on this journey with them. We look forward to seeing the company cement its position as the number one provider in the self-serve technology market.”