Simulmedia Raises $29M in Equity Investments
Simulmedia said it raised $29 million in a series E equity investment round.
The advertising targeting and technology company also said that David Levy, the former president of Turner broadcasting, has rejoined the Simulmedia board as in independent director. Levy left AT&T shortly after it assumed control of Turner following the acquisition of parent company Time Warner.
The new funding for Simulmedia was led by Union Square Ventures through its 2019 Opportunity Fund. Existing institutional investors including Avalon Ventures, WarnerMedia and Valiant Capital also participated.
“In the six or so months since we announced the unbundling of our targeted TV media offering into a transparent, software-driven, national TV ad marketplace that operates across all of the largest national TV programmers and broadcasters, we have seen our revenue double, year-over-year, and our profit grow significantly,” said Simulmedia CEO Dave Morgan in a blog post.
"Clearly, the mission that Simulmedia was founded on more than 10 years ago -- to help advertisers and media owners solve for the growing fragmentation, waste and opacity in TV and premium video advertising while driving more campaign yield -- is resonating,” Morgan said.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.