Audio advertising platform AdTonos secures $2m in seed funding
AdTonos, the innovative audio advertising platform we looked at earlier this year, has today announced that it has secured US$2m from the BlackSheep Fund and ProtosNext, amongst other investors. The seed funding injection comes as the company reports 10x annual growth, and is planning further development of its platform, including new products for podcast and mobile games monetisation.
The company already helps 1,000+ publishers to monetise gaming, podcasts, audiobooks, music and radio across Europe and North & South America, with plans to expand into the APAC region. This latest round of financing is a mid-step for planned Series A by late 2023, after which the company will focus on a US expansion plan.
In commenting on the seeding injection, Michal Marcinik, CEO & Founder of AdTonos, said: “The future of digital audio advertising is now. I am happy to welcome our new investors to such a successful business. I am very satisfied that they join the company that, thanks to the efforts of the entire team, achieved such tremendous growth organically as our pre-seed funding was spent years ago already.”
“Thanks to our new investors’ brilliant network in Europe and the US, I am convinced that our experience in the advertising industry, combined with the qualifications of our team, will enable us to maintain our ambitious growth plan and repeat its success of 10x annual growth in the following years.”
Giovanni Strocchi, co-Founder & Senior Venture Partner of the BlackSheep Fund, added: “Mixing high competencies, new audio inventory enablement and innovative audio-focused solutions are what makes AdTonos unique. We are very proud to support AdTonos’ great team of Industry experts in their ambitious growth plan. Stay tuned for the next steps!”
According to Statista, digital audio ad spending is set to reach $6.78bn and an 8.1% annual growth rate (CAGR 2022-2027). This means that by 2027, digital audio advertising’s projected market volume will exceed $10bn, highlighting how much development potential still remains in the digital audio ads market.
You can find out more about AdTonos’ technology and business model, via our interview with Katarzyna Bargielska, CMO and co-Founder, here.