Publisher-focussed data management platform Permutive has raised $18.5 million in Series B funding, led by Octopus Ventures with participation from EQT Ventures and earlier investors.
The company, which works with global publishers, tripled revenue growth last year. The new capital will be used for international expansion, as the company continues to grow market share in North America. The company also continues to invest in research and development to help publishers monetise their data more successfully.
Founded in the UK by Joe Root (CEO) and Tim Spratt (CTO), both Entrepreneur First and Y-Combinator alumni, Permutive is rebuilding data on the edge to protect user privacy.
Its first product is a SaaS data management platform that allows publishers to increase their targetable advertising and deliver significant ROI (up to 291%). With impending US regulations and browser changes, privacy is reshaping the ad industry at the expense of the third-party cookie.
Existing data cloud solutions cannot function in this world. Unlike cloud-focused data providers, by using edge computing and processing user data on device, Permutive’s technology is built for privacy, protecting publishers from any browser changes by not relying on the third-party cookie. Its SDK is now running on 350 million devices and the platform sees 15 billion ad impressions globally, which has seen a 5.5x annual increase.
Customers include BuzzFeed, Penske, The Financial Times, The Guardian, Business Insider, The Daily Telegraph, The Economist, Bell Media, News UK, and MailOnline. By harnessing edge computing, Permutive has enabled these publishers to maximise their targeted users, increase advertising yield, and grow rebooking values.
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Joe Root, CEO at Permutive, said: “We’re really excited to announce this new milestone, which will help us to continue the momentum of helping publishers to understand and monetise their audiences. It’s our mission to reset advertising and to protect privacy while making data useful, and this funding will help us towards working for this goal.
“Too many organisations are blind to the huge change the advertising industry is undergoing. However, with the right combination of privacy, trust, and scale, publishers have the opportunity to capitalize on their direct relationship with their customers and use their first-party data to help rebuild a new advertising ecosystem from the ground up.”
Will Gibbs of Octopus Ventures said, “Octopus Ventures is thrilled to step forward and invest further into what we see as a very special business with immense potential. When we first invested, board meetings were held in kitchens and the strategy had to be agile in order to refine the product and vision. Today, Permutive is the UK category leader in its field and is beating billion-dollar global businesses on a consistent basis in trial processes.
“The team has hired many incredible people and is now ready to replicate the success seen in the UK in the US. Given the evolving regulatory and customer priorities, Permutive’s technology could be genuinely pioneering in its field.”
Ali Mitchell, Partner and investment advisor at EQT Ventures added, “Data has become the bedrock of the publishing and advertising industries, as the infrastructure of both has changed dramatically over the past year.
“Uniquely, Permutive allows organizations to build a ‘first-party’ data business. At EQT Ventures, we were seriously impressed at the value offered to some of the world’s largest media organisations by processing data on the edge instead of the cloud — a no-brainer when comparing the cost of both. It’s a pleasure to continue working with the Permutive team on their brilliant journey.”