Double Verify Secures $3.5 Million in Series A FinancingMAY 18, 2009
Secures $3.5 Million in Series A Financing Emerges as Leader in Online Media Verification and Assuring Brand Safety
New York (May 18, 2009)
DoubleVerify, which pioneered online media verification, today announced that following a highly successful trial and ramp-up of its real-time verification solution for online advertising transactions, that it has formally launched. During the past few months, a number of blue-chip advertisers including one of the top 3 banks, one of the top 3 telecommunication companies and one of the top 5 pharmaceutical companies began mandating use of DoubleVerify on most of their media buys.
Using proprietary, patent-pending technology, DoubleVerify helps agencies, marketers, publishers and ad networks increase online advertising accountability and transparency by tracking the actual delivery of clients advertising campaigns and verifies that they are being delivered in compliance with the advertiser's insertion order terms, conditions and buying guidelines. This allows marketers and their agencies to identify and remove budget waste from their campaigns, safeguard the reputation of their brands online, uphold regulatory compliance requirements and verify that they fully capitalized on their marketing opportunities. Currently DoubleVerify is being tested or used by over two dozen Fortune 500 marketers in various industries such as telecom, financial, entertainment, pharma, tech and travel.
DoubleVerify enables publishers and ad networks to be more proactive and pre-emptive with clients increasing their accountability, minimizing trafficking mistakes, reducing reconciliations and make-goods, speeding up collections and attracting more brand dollars to their sites or networks. Currently the company is in discussion with over 10 ad networks including 3 of the top 5 on implementing DoubleVerify as a standard part of their client offering.
DoubleVerify today also announced it has closed a $3.5 million Series A financing led by Blumberg Capital, with participation from First Round Capital, Genacast Ventures and private investors. David Blumberg, Managing Partner, Blumberg Capital; Chris Fralic, Partner, First Round Capital; and Gil Beyda, Managing Partner, Genacast Ventures will join Oren Netzer, Co-Founder and CEO of DoubleVerify on the company's Board of Directors.
"This financing and the major client wins are a testament for the importance of having an objective, third-party verification solution in the market. Marketers and their agencies have been flying blind for too long. Now that digital marketing has become an important part of the marketing strategy and significant resources are being devoted to it, marketers need to know that they are getting what they paid for," says Mr. Netzer.
"Anything that eliminates waste in online advertising is a huge plus for everyone involved in the Internet economy. DoubleVerify is making sure the advertiser/agency gets what they ordered and that the impressions that have near zero value are eliminated," says Greg Stuart, former CEO of the IAB and co-author of What Sticks. "This will help raise the value of the ads that are served as ordered and improve the ROI for marketers. It will also enforce accountability and discipline on publishers and ad networks."
DoubleVerify spent over a year gradually testing and implementing its technology with major agencies, marketers and ad networks, and has become a vital part of their online advertising campaigns. DoubleVerify is currently verifying billions of advertising transactions per month.
"We've been very impressed with the rapid adoption of DoubleVerify's solution by major clients," says Mr. Blumberg. "Accountability and compliance have become major issues for both buyers and sellers of online advertising. DoubleVerify has strongly emerged as the leader in this space."
"This is a win for the online advertising industry," says Gil Beyda, Managing Partner at Genacast Ventures. "I have been in online advertising for nearly 15 years and DoubleVerify finally delivers advertisers and agencies much-needed buying confidence and accountability as they shift more and more of their advertising budgets online."
DoubleVerify (http://www.doubleverify.com/) is the leading provider of online media verification solutions, providing agencies, marketers, publishers and ad networks with the first fully-automated, fully-authenticated, third-party verification solution for internet advertising transactions. DoubleVerify helps increase advertising accountability by detecting and preventing waste or misuse of advertising budgets and by helping take proactive measures to maintain brand reputation and increase accountability. DoubleVerify monitors billions of advertising transactions per month for major Fortune 500 marketers. DoubleVerify is headquartered in New York City, with engineering offices in Tel Aviv, Israel.