PASADENA, Calif., Feb. 28, 2024 (GLOBE NEWSWIRE) -- tvScientific, the leading performance advertising platform for connected TV (CTV), today announced that the company had raised $9.4 million in a convertible note funding round that included new investors S4S Ventures, BDMI, and Progress Ventures joining investors including NBCU/Comcast, Norwest Capital Partners, Aperiam Ventures and Hearst Ventures.
With tvScientific, advertisers can buy and execute performance CTV campaigns with major inventory partners, including Paramount+, Hulu, Discovery, ABC, CBS and NBC. Last year, tvScientific introduced the ability to buy CTV campaigns on a Cost-Per-Outcome basis, which enables advertisers to move beyond simple reach & frequency or MMM models and for the first time ever buy media based on real outcomes like CPA, ROAS, sales, and post-CTV campaign traffic. tvScientific’s customers include major brands Experian, MoneyGram, Crocs, Groupon, and Fender.
“We are at a once-in-a-lifetime transition from linear TV to internet-enabled content delivery via streaming services, with over 50% of all TV viewing in the US now happening via streaming services. This opens up an entirely new cohort of advertisers for TV publishers” said Jason Fairchild, Co-Founder and CEO of tvScientific. “Google and Meta have fueled meteoric growth in advertising precisely because of their precision targeting and outcome-based measurement. tvScientific is on a mission to do the same thing for television and we are thrilled to work with a best-in-class partner like Sir Martin Sorrell and S4S Ventures to accelerate our progress.”
The funding for tvScientific arrives amidst the ongoing transition of the $72 billion TV advertising market to programmatic execution, as technologies emerge that enable the buying and measurement of TV advertising in a manner similar to the $200 billion search and social media market. CTV ad spend is expected to increase to over $30 billion in 2024 - a 22.4 percent increase from the $24.6 billion spent in 2023 - according to eMarketer.
“Our investment in tvScientific shows just how much we believe performance-based CTV will continue to transform the TV advertising landscape, as advertisers continue to move large portions of their media budgets to CTV,” said Sanja Partalo, Co-founder and Managing Partner at S4S Ventures. “We’re very happy to be joining the other companies in this cohort to support tvScientific and the company’s very capable leadership on their visionary mission.”
Sir Martin Sorrell, Founder and Executive Chairman at S4Capital, and Co-Founder and Partner at S4S Ventures, added “Advertising via Connected TV is a sleeping giant. With half of US TV watching now taking place over streaming services and providers such as Amazon, Netflix and Disney all introducing new membership tiers with variable rates of advertising, partners who can drive lower funnel activation, performance, measurement, and ROI are positioned for huge success. Jason and his team at tvScientific are a pioneering force in this fast-evolving industry and their platform has the potential to redefine how companies engage with their TV audiences.”
Sim Blaustein, Partner at BDMI, added “BDMI is excited about the evolution of the TV ecosystem, especially as ad-supported services continue to grow quickly, at the same time presenting exciting new opportunities for advertisers. We believe tvScientific’s best-in-class solution offers performance marketers a compelling solution presenting the targeting and measurability of digital advertising to the rapidly growing world of performance-based TV.”
“Progress Ventures is proud to support Jason and the tvScientific team with this strategic investment.” said Chris Legg, General Partner at Progress Ventures. “Our decision to partner with tvScientific is grounded in our extensive experience in the media and advertising industries. We have been thoroughly impressed with what tvScientific have built, and our shared commitment to innovation and excellence makes this collaboration particularly exciting, especially in an era where CTV is transforming the media landscape. Consumers now dictate how they want to consume media and this partnership aligns with the evolving preferences of today's audiences."
About tvScientific
tvScientific is the most sophisticated performance advertising platform built for connected TV, making TV advertising accessible and measurable for brands and apps of all sizes. tvScientific offers a self-managed solution custom-built for performance marketers on a Cost-Per-Outcome (CPO) basis that simplifies and automates optimized TV buying, leveraging massive data to prove the actual value of TV advertising. The platform reaches 95% of ad-supported video-on-demand audiences using proprietary, deterministic ID technology to measure ad exposure to outcomes in an approachable, radically transparent, and scalable way. For more information, visit https://www.tvscientific.com.
About S4S Ventures
S4S Ventures is a venture capital firm that invests in early-stage companies focused on transforming the Marketing and Advertising sector through digital innovation. The firm focuses on five principal areas: Martech, Adtech, Data Technology, Creative Technology, and Emerging Digital Media/Content. Its investment portfolio includes companies providing solutions for programmatic advertising, data warehousing, content development, and emerging digital media. The team at S4S provides strategic guidance and support to their portfolio companies to ensure they have the resources they need to succeed. S4S Ventures believes in the power of technology to transform the marketing and advertising sector and is passionate about supporting startups that are driving innovation and change. www.s4sventures.com
About BDMI
BDMI is a wholly owned subsidiary of the global media, services and education company Bertelsmann. As a financially driven corporate venture investor BDMI draws upon Bertelsmann's global reach to provide not only capital, but also access to their network of businesses within Bertelsmann and across the media and tech industries. BDMI has invested in over 100 startups since 2007 and is currently focused on the categories of next gen media, Web3, enterprise SaaS, and fintech. For more information visit: www.bdmifund.com
About Progress Ventures
Progress Ventures is a sector-specialized venture-investor designed to build value for the digital future by investing in advertising, marketing, and media B2B technology companies. Progress Ventures is focused on four key areas of disruptive technology, Data Management; AI & Machine Learning; Measurement & Analytics; and Media Automation. The Progress Ventures approach is unique and specifically architected to provide tangible, quantifiable value with a passion for innovation and explosive growth plans. For more information, please visit www.progressventures.com.
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