Adtech startup Fenestra, based in London, has raised $1.5 million in funding from angel investors. The names of the investors have not been disclosed.
The startup, launched by the cofounders of Base79 (acquired by Brave Bison in 2014), is using blockchain technology to make media buying more transparent in an industry, it says, is too centralised and ridden with opaque practices. It is targeting its services at the traditional advertising market – print, radio, TV, cinema, and outdoor.
Fenestra claims that using the blockchain will create a more open and immutable ecosystem for agencies and media companies on each side of the transactions, free of intermediaries, to track inventory and billing.
“Advertisers don’t trust their media supply-chain,” said Ashley MacKenzie, CEO of Fenestra and son of UK media executive, Kelvin MacKenzie, the former editor of The Sun. “Budgets are swallowed by intermediaries and advertisers have little sight of where their money ends up across all media. Change is needed in how advertising inventory is traded.”
The new funding will be used to develop and launch the startup’s minimum viable product in Q2 and develop ties with agencies and media firms in Europe and US.
The company added that it will be seeking further funding later this year.