TV advertising optimisation service TVSquared raises $6.5m
Edinburgh-based start-up has secured backing from West Coast Capital and the Scottish Investment Bank to take a share of $202bn TV ad industry
TVSquared, a fast-growth start-up which measures and optimises TV advertising, has closed a $6.5m round led by private equity group West Coast Capital and the Scottish Investment Bank; the investment arm of Scottish Enterprise.
Founded in 2012 and headquartered in Edinburgh, TVSquared works with agencies, networks and brands such as FanDuel and Comcast, across 50 countries, to bring same day campaign measurement and advertising optimisation to the global TV industry – a market said to be worth $202bn.
The company – which also has offices in London, New York, and Los Angeles – claims its technology helps businesses improve the efficiency of their TV advertising by 20% to 80%. On average, it helps clients optimise campaigns by 25% and increase sales and registrations by 30%.
Its latest funding round comes as demand for TV measurement grows among advertisers. Calum Smeaton, TVSquared’s founder and CEO, has said the company will use the investment to meet this demand:
“Global TV advertising is continuing to grow at an astounding rate because TV is the most effective marketing channel. With 87% of viewers watching with second-screen devices nearby, TV is now even more powerful as a primary driver of digital activity.
“This funding will help us continue to provide advertisers with the technology they need to optimise TV for the greatest response.”
West Coast Capital managing partner, Paul Davidson, has added that the funding round “positions TVSquared for continued growth and secures a world-class technology and team for that growth.”