Investors recognize great potential in blossoming tech company with pronounced investment
PRLog - June 2, 2015 - SAN FRANCISCO -- Less than 50 miles from Silicon Valley, one tech company is quickly making a name for itself in the world of mobile advertising. Tech newcomers Avocarrot recently made a splash when they announced pronounced support from investors, to the tune of a cool $2 million. In just two years the company has grown from a small startup into a major player in the world of app-based advertising. The money was accumulated from a few different sources – a group of investors that included Odyssey Ventures, Darling Ventures, Kayak CTO Giorgos Zacharia, former Digital Unilever SVP Andy Porteous, and angel investor Thanos Triant.
Founded in 2013, Avocarrot is a technology platform to build a sustainable app business by making more money in a less intrusive way. The company is known for creating engaging native ads for mobile apps. Native ads are woven seamlessly into an app, blending into the surrounding style of a given website or app. A user might scroll through a news feed in a social media app, reading updates from friends, and then see an “update” from an advertiser that looks similar but is identified as “sponsored” or “promoted.”
The announcement has created quite a buzz around the company, a sentiment that was echoed by a spokesman who commented on the news, “This is big. Everyone, top to bottom, recognizes the significance of this financial backing, and it is encouraging for all of us. We cannot wait to put this capital to good use, and demonstrate to all of our investors that they made the right decision. The new funding will be used to expand the business development team in San Francisco and the R&D team in Greece, as well as to market the Exchange.”
Ultimately, one of the goals of Avocarrot is to become the MoPub for native mobile ads. MoPub is the Twitter-owned ad-serving solution for mobile app publishers. Currently, Avocarrot’s Exchange delivers 200 million ad requests each month. In addition to delivering in-app native ads, the Exchange offers tools to enable advertisers to automatically convert banner ads into native ads. In this way, the app publisher has access to a more diverse range of advertisers for in-app native ads vis-à-vis automated conversion.
Avocarrot began in London in 2013 and the startup was backed financially from angels in the adtech space with the first investment in January of that year, and most recently garnered $2 million in financial support from a group of investors, including: Odyssey Ventures, Darling Ventures, Kayak CTO Giorgos Zacharia, former Digital Unilever SVP Andy Porteous, and angel investor Thanos Triant. Their success was highlighted when they were awarded as one of the eight best companies from Google for Entrepreneurs in a global competition in 2013. In addition, they were voted as “The Next Big Thing” at the advertising premier technology conference Ad:Tech, also in that year.
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Burgeoning Mobile Native Ads Startup Avocarrot Garners $2 Million in Funding
June 02, 2015 at 03:00 AM EDT
