HomeBusinessAdtech firm MNTN raises $119 million in BlackRock, Fidelity-led round

Adtech firm MNTN raises $119 million in BlackRock, Fidelity-led round

MNTN, an adtech firm specializing in Connected TV (CTV), has raised $119 million in a funding round co-led by asset supervisor BlackRock and Fidelity administration and analysis.

The firm, whose current buyers embrace Baroda Ventures, Greycroft Partners and Qualcomm ventures, didn’t disclose the valuation it fetched in the round on Tuesday.

It made headlines in June final yr after buying Maximum Effort, a digital advertising firm based by Hollywood star Ryan Reynolds and ad-industry veteran George Dewey. Reynolds serves because the chief inventive officer of MNTN.

CTVs have develop into ubiquitous in current years since they permit viewers to entry cable content material, streaming, social networking and looking in one place with simply an web connection.

U.S. advert spending on CTV is estimated to greater than double from 2021 to about $29.5 billion by 2024, in keeping with analysis firm eMarketer.

That growth has fed demand for companies offered by firms like MNTN, whose platform helps companies run their promoting campaigns and gives them with real-time information on the efficiency of their adverts.

The firm lately acquired QuickFrame, a video creation instrument for companies, for an undisclosed sum to assist in its push to swiftly produce TV adverts.

(Reporting by Eva Mathews in Bengaluru; Editing by Aditya Soni)

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