Veridooh, an Adtech startup based in Australia, has recently raised $5 million in series A funding which will be utilized to expand its customer reach internationally. The funding is the first capital raised by the company and the funding round was headed by EVP, wherein the partner Dan Szekely headed the deal.
Szekely will partner with the Veridooh board along with Veridooh’s cofounders Jeremy Yang and Mo Moubayed.
The oversubscribed funding round included Jelix Venture, an Australian and New Zealand investment firm that funds young technology companies to accelerate growth, as well as Aconex cofounders Rob Phillpott and Leigh Jasper’s funds Saniel and Gravel Road.
Verodooh’s flagship solution SmartCreative, independently, measures, verifies and tracks the performance of digital Out-of-Home (OOH) campaigns, eventually maintaining transparency and boosting buyer’s confidence in the industry.
The new solution, with access to more than 300 metrics doesn’t mandate integration with media owners which implicates that it can be utilized anywhere across the globe.
Szekely said that the lack of third-party verification and data transparency is surprising in terms of the huge amount spent on digital display ads and the robust demand from CMOs for data transparency in media. Therefore, the dire need for an independent solution that enables marketers and agencies to cross-check where their money has gone is quite obvious.
Veridooh is solving this problem for the industry via its collaborative strategies with all the stakeholders, said Szekely.
Alon Greenspan, partner at Jelix Ventures, said that they were immediately overwhelmed by Veridooh’s industry leading solution to refine third-party verification in OOH advertising. Veridooh offers an independent verification solution by giving buyers the ability to access key metrics to ensure that the buyers are getting the most out of their campaigns.
Moubayed said that the company has witnessed exponential growth in the Australian market.
Veridooh has already received strong interest from players in overseas markets. This indicated that the marketers want more transparency and actionable data on their campaigns. The company is excited to launch its world-first product at full scale in new markets, said Moubayed.
Veridooh serves approximately 140 clients in New Zealand and Australia, including Google, Amazon, and McDonald’s.