tvScientific, the leading performance advertising platform for connected TV (CTV), today announced that the company had raised $9.4 million in a convertible note funding round that included new investors S4S Ventures, BDMI, and Progress Ventures joining investors including NBCU/Comcast, Norwest Capital Partners, Aperiam Ventures and Hearst Ventures.
With tvScientific, advertisers can buy and execute performance CTV campaigns with major inventory partners, including Paramount+, Hulu, Discovery, ABC, CBS and NBC. Last year, tvScientific introduced the ability to buy CTV campaigns on a Cost-Per-Outcome basis, which enables advertisers to move beyond simple reach & frequency or MMM models and for the first time ever buy media based on real outcomes like CPA, ROAS, sales, and post-CTV campaign traffic. tvScientific’s customers include major brands Experian, MoneyGram, Crocs, Groupon, and Fender.
“We are at a once-in-a-lifetime transition from linear TV to internet-enabled content delivery via streaming services, with over 50% of all TV viewing in the US now happening via streaming services. This opens up an entirely new cohort of advertisers for TV publishers” said Jason Fairchild, Co-Founder and CEO of tvScientific. “Google and Meta have fueled meteoric growth in advertising precisely because of their precision targeting and outcome-based measurement. tvScientific is on a mission to do the same thing for television and we are thrilled to work with a best-in-class partner like Sir Martin Sorrell and S4S Ventures to accelerate our progress.”
The funding for tvScientific arrives amidst the ongoing transition of the $72 billion TV advertising market to programmatic execution, as technologies emerge that enable the buying and measurement of TV advertising in a manner similar to the $200 billion search and social media market. CTV ad spend is expected to increase to over $30 billion in 2024 – a 22.4 percent increase from the $24.6 billion spent in 2023 – according to eMarketer.
“Our investment in tvScientific shows just how much we believe performance-based CTV will continue to transform the TV advertising landscape, as advertisers continue to move large portions of their media budgets to CTV,” said Sanja Partalo, Co-founder and Managing Partner at S4S Ventures. “We’re very happy to be joining the other companies in this cohort to support tvScientific and the company’s very capable leadership on their visionary mission.”
Sir Martin Sorrell, Founder and Executive Chairman at S4Capital, and Co-Founder and Partner at S4S Ventures, added “Advertising via Connected TV is a sleeping giant. With half of US TV watching now taking place over streaming services and providers such as Amazon, Netflix and Disney all introducing new membership tiers with variable rates of advertising, partners who can drive lower funnel activation, performance, measurement, and ROI are positioned for huge success. Jason and his team at tvScientific are a pioneering force in this fast-evolving industry and their platform has the potential to redefine how companies engage with their TV audiences.”
Sim Blaustein, Partner at BDMI, added “BDMI is excited about the evolution of the TV ecosystem, especially as ad-supported services continue to grow quickly, at the same time presenting exciting new opportunities for advertisers. We believe tvScientific’s best-in-class solution offers performance marketers a compelling solution presenting the targeting and measurability of digital advertising to the rapidly growing world of performance-based TV.”
“Progress Ventures is proud to support Jason and the tvScientific team with this strategic investment.” said Chris Legg, General Partner at Progress Ventures. “Our decision to partner with tvScientific is grounded in our extensive experience in the media and advertising industries. We have been thoroughly impressed with what tvScientific have built, and our shared commitment to innovation and excellence makes this collaboration particularly exciting, especially in an era where CTV is transforming the media landscape. Consumers now dictate how they want to consume media and this partnership aligns with the evolving preferences of today’s audiences.”
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