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Sovrn, the publisher technology platform used by thousands of publishers and content creators worldwide, has announced it has raised $36 million in a new round of equity financing. Investors include Foundry Group, Archer Venture Capital, Lexington Partners and new investors Progress Ventures, among others.
The company, which offers a broad suite of publisher tools including programmatic and ad management services, affiliate and commerce tools, data enhancement services, and reader-engagement technologies, will use the funding to enhance the Sovrn platform even further through additional acquisitions and organic growth.
The funding comes at a time of rapidly tightening capital markets and a cautious fundraising environment. In a press release to accompany the announcement, Walter Knapp, Sovrn’s CEO, said, “This financing represents a milestone achievement for Sovrn, given the contraction in financial markets and current conservative approach to investing.”
We heard very clearly from these investors that Sovrn has a solid foundation and great products, great people and a great track record. This is a validation of our team, our products and the value we deliver to our customers. I am beyond excited about this news.
Walter Knapp, CEO, Sovrn
Since its previous raise of $26 million in December 2018, Sovrn has acquired three companies and significantly expanded its product portfolio, as well as increased its headcount by more than 50% across the US, UK and EU.
The company’s platform is powered by the Sovrn Data Collective, comprising more than 6,000 independent publishers reaching 400 million daily consumers across 60,000 websites. Publisher clients include Ziff Davis, Vox Media, Daily Beast, Tribune Media, Blavity, Encyclopedia Britannica and Salon.
“Sovrn’s simple yet powerful product platform is unmatched in the industry,” said Seth Levine, managing director at Foundry.
We’ve been impressed by the company’s continued innovation, rapid scaling, and high levels of customer satisfaction. We see tremendous opportunity for Sovrn to further penetrate the market and are excited to continue partnering with Walter and his team.
Seth Levine, MD, Foundry
Disclosure: WNIP is wholly owned by Sovrn Holdings, Inc.
