Edinburgh-based TV advertising analytics firm TVSquared said it raised another $6.5 million “as the demand for TV measurement and optimization grows within the $202 billion TV ad industry.”
It said the investment round was led by Scots tycoon Tom Hunter’s West Coast Capital, with matched funding from the Scottish Investment Bank (SIB), Scottish Enterprise’s investment arm, along with existing investors.
Paul Davidson, managing partner, West Coast Capital, who led the latest funding round, said: “TVSquared’s technology is being used by some of the world’s biggest brands to disrupt and measure the effectiveness of the $202 billion TV advertising market.
“This funding round positions TVSquared for continued growth and secures a world-class technology and team for that growth.”
Kerry Sharp, head of the Scottish Investment Bank, said: “TVSquared is another example of an ambitious technology company starting in Scotland, successfully operating in international markets and attracting further investment to support its continued growth.
“We look forward to working with TVSquared as it continues to innovate and increase market share.”
Calum Smeaton, TVSquared’s CEO and founder, said: “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 optimize TV for the greatest response.”
Chris van der Kuyl, TVSquared’s chairman, said: “This funding round supports TVSquared at a time when it’s growing rapidly as the gold-standard TV optimization and measurement platform among advertisers across the globe.
“We want to thank our existing investors for their continued backing, and welcome SIB onboard at this very exciting time for TVSquared.”