TVSquared, the Edinburgh-based firm that provides advertisers with same-day feedback on viewers’ response to campaigns, has raised £5.2m.
The round was led by Sir Tom Hunter’s West Coast Capital with matched funding from the Scottish Investment Bank (SIB), Scottish Enterprise’s investment arm, along with existing investors. Around 360 brands, agencies and networks in more than 50 countries use TVSquared to improve TV campaign efficiency by 20-80%, the company said in a statement.
“Global TV advertising is continuing to grow at an astounding rate because TV is the most effective marketing channel,” said Calum Smeaton, TVSquared’s founder and chief executive. “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.”
Paul Davidson, managing partner at West Coast Capital, said: “[Its] 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.”
SIB head Kerry Sharp added: : “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.”