Funding of $9.4 million secured by tvScientific through convertible note financing
In a significant move for the connected TV (CTV) advertising landscape, tvScientific, a performance advertising platform, has raised $9.4 million in a convertible note funding round. The companies involved in this round have not been publicly disclosed.
The investment from Progress Ventures, S4S Ventures, BDMI, and existing investors NBCU/Comcast, Norwest Capital Partners, Aperiam Ventures, and Hearst Ventures, indicates a shared belief in the continued transformation of the TV advertising industry by performance-based CTV.
Progress Ventures, with its extensive experience in the media and advertising industries, is proud to support tvScientific in this strategic investment. The investment aligns with the evolving preferences of today's audiences, who are increasingly turning to streaming services for their TV viewing.
Chris Legg, General Partner at Progress Ventures, has been thoroughly impressed with what tvScientific has built. He expressed his excitement about the partnership, stating that it's particularly exciting in an era where CTV is transforming the media landscape.
tvScientific offers advertisers the ability to buy and execute progressive CTV campaigns with major inventory partners like Paramount+, Hulu, Discovery, ABC, CBS, and NBC. Last year, the company introduced the ability to buy CTV campaigns on a Cost-Per-Outcome basis, enabling advertisers to buy media based on real outcomes like CPA, ROAS, sales, and post-Campaign traffic.
The CTV landscape is indeed transforming, as indicated by the investment in tvScientific. Over 50% of all TV viewing in the US now happens via streaming services, opening up a new cohort of advertisers for TV publishers.
Sir Martin Sorrell, Founder and Executive Chairman at SCapital, and Co-Founder and Partner at S4S Ventures, described advertising via Connected TV as a 'sleeping giant' with potential to redefine how companies engage with their TV audiences. He believes tvScientific's best-in-class solution offers progressive marketers a compelling solution, presenting the targeting and measurability of digital advertising to the rapidly growing world of performance-based TV.
BDMI, excited about the evolution of the TV ecosystem, especially as ad-supported services continue to grow quickly, shares this optimistic outlook. Jason Fairchild, Co-Founder and CEO of tvScientific, stated that the company is at a 'once-in-a-lifetime transition from linear TV to internet-enabled content delivery via streaming services.'
tvScientific's customers include brands such as Experian, MoneyGram, Crocs, Groupon, and Fender. The company's commitment to innovation and excellence, shared by Progress Ventures, bodes well for the future of CTV advertising.
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