DoubleVerify Raises $10 Million in Series B Funding
New York (March 8, 2010) DoubleVerify, Inc. the pioneer and market leader in online advertising verification, today announced it has closed a $10 million series B financing round led by Institutional Venture Partners (IVP). The round included participation from existing DoubleVerify investors. A later-stage investor in rapidly-growing digital media and technology companies, IVP has funded many successful ventures, such as Business.com, ComScore, HomeAway, MySQL, Netflix, Quigo Technologies, TiVo, Twitter and Zynga.
DoubleVerify provides a technology solution that delivers transparency and accountability for agencies, marketers, publishers and ad networks running online ad campaigns. Advertising verification has created a fundamental shift in the online industry that for first time allows marketers to accurately verify their campaigns for brand safety, delivery accuracy and regulatory compliance. Major agencies and marketers have adopted verification in the past year, many of which have mandated the use of DoubleVerify across their entire online media spend.
DoubleVerify is the global leader in ad verification and pioneered the category when it launched in May of 2008. The company currently verifies over 25 billion impressions per month, which is more than all other competitors in the category combined. DoubleVerify’s dominance in the ad verification space has enabled the company to become profitable after two quarters and grow from 10 to 45 employees in less than a year.
“We feel fortunate to experience such rapid growth in the past year, and this funding will help us continue expanding quickly and innovating for our customers,” says Oren Netzer, Co-Founder and CEO of DoubleVerify. “The increased demand for verification and our leadership position in the space has allowed us to attract top-tier venture capital firms such as IVP. We look forward to working with the great team at IVP.”
“DoubleVerify has become the de facto standard for online advertising verification and is led by a strong team,” said Dennis Phelps, General Partner of IVP. “We look forward to working with management as they grow the business and transform the world of online advertising.”
“We’ve been extremely impressed with the progress that DoubleVerify has made in the past year, and the amount of interest in this round of financing further validates their dominance of the space,” according to David Blumberg, Managing Partner, Blumberg Capital.
“We’re gratified that the increasing level of trust relationship that we have with America’s leading marketers and agencies was noticed by the investor community,” said David Bell, a DoubleVerify board member.
DoubleVerify’s growing list of customers includes over 50 Fortune 500 Marketers. In December, DoubleVerify released BrandShield, the industry’s first complete ad prevention and blocking solution. DoubleVerify had previously closed a $3.5 million Series A financing in May 2009 led by Blumberg Capital, with participation from First Round Capital, Genacast Ventures and private investors.
DoubleVerify (www.doubleverify.com) is the worldwide leader in online advertising verification and the top choice of marketers, agencies, ad networks and publishers looking to ensure brand safety, campaign transparency and regulatory compliance. DoubleVerify verifies over 25 billion advertising impressions per month for dozens of leading Fortune 500 marketers. DoubleVerify is headquartered in New York City, with engineering offices in Tel Aviv, Israel. Investors in DoubleVerify include Blumberg Capital, Institutional Venture Partners, First Round Capital and Genacast Ventures.