Oslo’s conversational advertising technology firm Cavai has garnered £6.5 million in new funds. The capital will be used to continue product development as well as spearhead US market expansion ahead of an anticipated IPO.
Let’s be honest, intrusive ads suck. And they have sucked for a long, long time. Now that’s not to say that there haven’t been a few good ones, or one(?), along the way. One that you can remember. One that made you laugh. One, dare I say it, that even compelled you to make a purchase? Say it ain’t so, I know!
Cavai is seeking to tap into that one and make them many. The platform provides brands with a tool where they can talk with consumers (and potential consumers) and not at them. Harnessing the omnipresent no-code approach, the service allows creatives to set up interactive campaigns in a matter of minutes. The process of buying media doesn’t change a bit, as Cavai creations are compliant with all major buying platforms including Google, Xandr, AppNexus and Adform.
Founded in 2018, Cavai now has 10 offices around the globe in addition to its Oslo HQ, and counts six of the largest media agencies as clients, thereby representing brands including Amazon, Nivea, BMW, and Mercedes Benz.
The new funding was provided by two of the biggest names in Norwegian venture capital, Investinor, and Idekapital, as well as London's ad tech specialist FirstPartyCapital.
“We are delighted to have found industry-focused investors that understand the huge changes that are happening within the marketplace, whilst having also found investment funds that can take us through multiple series of funding as we scale, compete on a truly global level and build up towards an IPO,” concluded Cavai founder and CEO Steffen Svartberg.
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