At the end of August, Committed Capital assisted Smartology in raising £1.2m via a Future Fund Convertible Loan, with £600,000 raised from private investors, matched by £600,000 from the British Business Bank. The initial target fundraise of £1.0m was oversubscribed by £200,000.
Smartology empowers global brands to engage with customers through aligning contextually relevant content advertising, in a GDPR compliant and brand-safe environment on the world’s premium media owners. Its media partners include Financial Times, The Economist, Dow Jones,
Bloomberg, and Handelsblatt and it has run campaigns for clients including Credit Suisse, HSBC, Swiss Re, Mischon de Reya, London Business School and EY.
The platform will use the funding to fuel product development and its expansion in North America and across EMEA.
Commenting on the investment, Tim Steel, who joined as Investment Director in 2018, and is Chairman of Committed Capital, said:
“There has been a marked swing away from traditional advertising towards digital advertising during the Covid crisis in 2020 and this has had a positive effect on Smartology’s revenues which are expected to be at least 50% higher compared to 2019, with a record Q4 in prospect. There was keen support from our investor base to participate in the Future Fund Convertible Loan and to enable the Company to execute its growth plan.”
Mark Bembridge, CEO Smartology, said: “I am delighted with the outcome of the fundraise and it will help enable the Company achieve profitability in Q4 2020.”