AdTech startup A Million Ads has announced the closure of a £2.3m Seed round as it gears up to formally launch in the US.
The London-based startup personalises audio adverts by combining contextual information with an advertiser’s message to create, the company claims, better performing ads delivered in real-time.
GMG Ventures led the round, with Edge Investments contributing £1.3m.
Other backers included Bertelsmann Digital Media Investments, Force Over Mass Capital, and Ascension Ventures.
A Million Ads was set up by Steve Dunlop, also the CEO, and has produced campaigns for well known brands including Virgin Atlantic, Audible, BMW, Ebay, British Airways and UK tech unicorn Deliveroo.
The company recently graduated from Founders Factory‘s technology accelerator programme, where the media vertical is backed by GMG Ventures in partnership with The Guardian.
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Dunlop spoke about the fundraise while also touching on his company’s mission.
“We are at the heart of two of the hottest trends in advertising – audio and personalisation. By innovating in the creative process, we provide tools that advertisers need to reach consumers with more relevant and personalised content than ever before. The backing from our investors is a clear sign that we are onto something.”
The cash, Dunlop added, will be used to boost the company’s international growth and to apply its know-how to other channels, starting with video.
Alan Hudson, managing partner from GMG Ventures LP, added: “Among its investment themes, GMG Ventures invests in talented founders, who are leading companies disrupting traditional media business models, including advertising.
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“A Million Ads’ value is clear and tangible to both consumers and brands, while it benefits from significant market tailwinds. We are also excited about its US market traction to date, indicating an attractive growth opportunity for the company.”
David Glick, Founder and CEO at Edge Investments, explained why his firm had participated in the round.
“A Million Ads fits exactly with Edge’s investment remit; a creative-led, technology-enabled business run by an experienced and talented entrepreneur which is poised to become the leading player in this space by positively changing the consumer experience and delivering huge value to advertisers and publishers. With this additional capital, A Million Ads’ world-class technology and excellent team will propel it to the next stage of growth in the UK and overseas.”