SourceKnowledge Raises $1.5 Million From BDC Capital
Performance video advertising technology company SourceKnowledge today announced a $1.5 million financing round from BDC Capital, a subsidiary of the Business Development Bank of Canada (BDC). The funding will be used to scale growth in the company's quickly expanding performance advertising platform Engage.
The Engage platform was developed for mobile gaming and app publishers, eCommerce brands, SaaS companies and performance driven agencies. It empowers them to create data-driven journeys that allow for more efficient user acquisition alongside transparent reporting that focuses on conversion metrics. The platform enables advertisers to take an omnichannel approach to digital advertising by leveraging video and display assets, data targeting and re-engagement capabilities across multiple devices. Engage allows for campaigns to access more than 60 billion ad opportunities every month through partnerships with Facebook, Google, Twitter, LiveRail, AOL, DailyMotion and SpotXchange.
"Focused on transforming how data-driven businesses advertise online, our team is generating revenue at an exponential rate, up 133 percent between 2014 and 2015, and we see an even greater opportunity ahead of us as our programmatic video and display products allow advertisers to engage audiences on any device," said SourceKnowledge president and co-founder Patrick Hopf. "With this funding in place, we'll soon be making big investments in expanding our team of talented developers and we'll scale our outreach strategy so we can make an even greater impact on how advertisers engage with their customers."
"SourceKnowledge has developed a strong solution for the online video advertising market. With revenues increasing quickly, SourceKnowledge was a prime candidate for mezzanine financing," said Benoit Mignacco, Managing Director, Growth and Transition Capital at BDC Capital. Mezzanine financing is a form of debt financing and is often regarded as an alternative to equity financing like venture capital. "It is particularly well adapted to fast growing, asset-light companies like SourceKnowledge that need patient capital to fuel their growth," explained Mignacco.
SourceKnowledge will also increase marketing efforts within North America. There were already significant staffing up efforts in Q3 and Q4 of 2015 as SourceKnowledge doubled the size of their development team. In the last year, SourceKnowledge opened offices in Vancouver that will service the west coast of the United States and Canada. 2015 also saw the company's other SaaS offering, Reach DSP, grow monthly revenue between Q1 and Q4 by more than 900 percent.
Industry Announcements's article first appeared on OnlineVideo.net