, a Finnish-founded adtech company has raised $20 million led by Highland Europe.

Smartly develops SaaS-based automation tools, such as Creative Automation, for carrying out Facebook and Instagram ad campaigns. According to the company, it has been profitable for two years. Its clients include eBay, Zillow, SkyScanner, and Deliveroo who use the solution to run their Facebook ads.

“Everyone is an owner at and a secondary round was a way for us to reward the entire team and take off any pressure to sell or IPO,” said Kristo Ovaska, CEO of on the investment from Highland Europe.

“We, in return, gained a partner that will help us take our business to the next level through their network, by helping us build out a global leadership team and with access to a large fund if we ever need capital for acquisitions or more aggressive expansion,” he added.

“Social’s share of ad spend is only growing, and we’re excited to become a part of Smartly’s continued growth alongside it,” said Irena Goldenberg, general partner at Highland Europe.

The company previously raised €2.5 million in funding and is based in Helsinki with offices in Berlin, New York, Singapore, San Francisco, Dubai, and Buenos Aires.

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