Veridooh has raised $5 million in Series A funding which the startup will use to expand internationally as part of its mission to boost transparency, automation, and intelligence in out-of-home (OOH) advertising.
The funding round was led by prominent venture fund EVP, with partner Dan Szekely leading the deal. Following the investment, Szekely will join the award-winning Australian ad tech company board alongside its co-founders Mo Moubayed and Jeremy Yang.
The oversubscribed funding round included Jelix Ventures, an Australian and New Zealand investment firm which focuses on globally scalable businesses, as well as Aconex cofounders Leigh Jasper and Rob Phillpott’s funds Saniel and Gravel Road.
Veridooh’s flagship solution, SmartCreativeTM, independently tracks, measures, and verifies the performance of digital OOH campaigns, increasing transparency and buyer confidence in the industry. Using the Veridooh dashboard, clients have full visibility over their campaigns, with access to more than 300 metrics, such as location, plays, exposure time, ad length, and share of time, which they can use to analyse and optimise their campaigns.
The SmartCreative technology doesn’t require integration with media owners which means it’s able to be used anywhere in the world.
By creating an independent data-based currency, Veridooh said it’s paving the way for new levels of confidence and transparency in OOH advertising which will unlock further revenue for advertisers, media agencies, and media owners.
Moubayed said: “If you can remove any doubt about the delivery and performance of out-of-home advertising then you can increase buyer confidence while putting OOH advertising on a level, if not better, playing field than other digital channels, such as online.”
“The 100% independent verification we provide for all industry stakeholders has consistently wielded great results for all involved,” he added.
Veridooh serves more than 140 clients in Australia and New Zealand, including Google, Unilever, Amazon, and McDonald’s. Media agencies including Omnicom Media Group, GroupM, and IPG Mediabrands have partnered with Veridooh to use its technology to enable data-driven decision-making and optimisation. Since launching in 2019, the Veridooh team has grown from three to over 20 staff, with an average revenue growth of 400% year-on-year.
The funding is the first capital raised by the Sydney-based startup and it will be used to drive Veridooh’s international expansion.
Szekely said: “Independent verification has always had room to improve when it comes to out-of-home advertising.”
“The lack of data and third-party verification today is surprising within the context of the enormous amount spent on digital displays and the strong demand from CMOs for data transparency in the media. The need for an independent solution that allows media buyers to check where their money has gone is obvious.
“Veridooh is solving this challenge for the industry through its collaborative approach with all stakeholders. Our investment is about scaling Veridooh’s technology globally, with the team perfectly positioned to be the dominant player in the market,” he added.
Veridooh’s growth comes as the OOH industry continues its digital evolution, with the rapid transformation from static to digital screens fuelling expected CAGR (compound annual growth rate) of over 29% globally over the next three years.
Alon Greenspan, partner at Jelix Ventures, said: “We were immediately impressed by Veridooh’s industry-leading solution to improving third party verification in out-of-home advertising.
“Unlike other channels which are becoming increasingly fragmented, outdoor advertising will always have a big impact on consumers, particularly now as governments invest more in outdoor spaces. Given that digital out-of-home now makes up 60% of all out-of-home ad revenue in Australia, providing independent verification should be standard practice.
Veridooh offers this by giving marketers and agencies the ability to access key metrics to ensure they’re getting the most out of their campaigns, as well as intelligence to plan future campaigns.
“By increasing transparency, digital out-of-home verification aligns the incentives of the whole industry and makes digital out-of-home a more effective marketing channel for all.”
Despite the challenges the pandemic placed on OOH, Veridooh has continued to expand as advertisers, media agencies, and media owners understand more than ever the importance of independently proving the value of out-of-home advertising.
Moubayed said: “We’ve been through a period of exponential growth in the Australian market but from day one we have built our technology to be scalable globally.
“The industry has embraced the value we can provide to their OOH campaigns and as we see the sector pick up after the pandemic, more and more players are seeking out our platform. We’ve already received strong interest from players in overseas markets.
“This includes advertisers wanting more transparency and actionable data on their campaigns, as well as media owners wanting to independently show the delivery of their campaigns. We are excited to launch our world-first product at full-scale in new markets,” he added.
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Top image: Mo Moubayed and Jeremy Yang