Newssovrn Holdings Secures $18 Million in Funding Round
sovrn Holdings has announced its latest funding round led by Foundry Group. The organization closed $18 million in the funding round that also included participation from current investors Archer Venture Acquisitions, John Battelle and Oak Investment Partners. This funding comes after a constant revenue growth of 90 per cent in the second quarter as well as a great EBITDA performance in four consecutive quarters.
Seth Levine, Foundry Group, said, “Increasing our investment in sovrn is a reflection of our belief that companies with scale, good margin dynamics and innovative technology will be the winners in ad tech.”
Walter Knapp, CEO of sovrn Holdings, said, “We see exciting areas for growth in the ad tech market and we wanted to buttress our already strong balance sheet in order to quickly take advantage of opportunities. Our board, which includes some of the smartest investors in ad tech and media, agrees. Their investment in sovrn is a clear endorsement of that position.”
Today, sovrn Holdings is partner and advocate to nearly 50,000 websites and provides services as well as tools to publishers. These services and tools help publishers better understand and engage with their readers. sovrn supports independent publishers and also enables advertisers to increase their presence and reach out to audiences that are niche and usually difficult to reach.
