Online video is growing, and with it so are online video ads. There’s just one problem — the marketplace for serving ads, especially interactive video ads, is extremely fragmented. Due to the large number of devices on the market, each with different ad-serving capabilities, reaching them all is still extremely difficult. To help solve that problem, interactive video ad startup Innovid has raised an additional $11 million in funding to make those ads available on all screens.
Historically, Innovid has been working to bring more interactive ads online, enabling brands and agencies to build immersive, addressable ad experiences. But with the growth in streaming to connected TVs, game consoles, tablets, and other devices, the company has been looking to capture the market for cross-platform video advertising.
While that means delivering streaming campaigns at scale, it also means making traditional video advertising more interactive. Recently Innovid announced a partnership with Flingo that will allow advertisers to create interactive elements that run alongside traditional TV spots. That could take the form of providing more information about an ad — for instance, cast and crew info for a movie trailer — or the ability to redeem coupons or make purchases directly from the TV.
All of the excitement around these new screens is helping to grow Innovid’s revenues — and its customer base. It’s already served ads for companies like Toyota, Nissan, Chrysler, Sony Pictures, Paramount, GSK, eBay, T-Mobile, EA and Best Buy. And over the past year, revenue has increased rapidly — up 450 percent year-over-year.
To push its technology forward and make it available on as many devices as possible, Innovid has raised an $11 million Series C round of financing. The funding comes from existing investors Sequoia Capital, Genesis Partners, and T-Venture, as well as new investor Vintage Investment Partners. Altogether, Innovid has raised a total of $27.6 million.