Swiss-German start-up Nexoya has raised $5 million Series A funding for its marketing analytics tool. It plans to expand into new markets like Italy and the UK, and grow its team with the injection of funds.
Investment comes from Blacksheep MadTech Fund which is managed by Eureka! Venture SGR – the fund focuses on marketing and advertising technology start-ups.
In operation since 2018, Nexoya is based in Zurich and Berlin. It integrates digital advertising channels and connects them with its AI-based solution.
"Nexoya is the only solution in the market that combines cutting-edge AI-based predictions and algorithms with fully automated budget allocation and optimisation. It is a ‘dream come true’ for marketers who can now get much more out of their marketing budget, with one click. Combined with the world-class team around Marco Hochstrasser and Manuel Dietrich, we foresee enormous potential with Nexoya,” says Marco Caradonna, co-founder and Managing Partner at BlackSheep MadTech Fund.
Nexoya claims to have tripled its revenue and enjoyed stable growth of 12.5 percent month-on-month in 2022. It will expand its team of 24 to 30 by the end of 2023.
"Overall, we see a very dynamic digital advertising market with incredibly fast developments. Especially with the success of large language models like ChatGPT, with the acquisition of Xandr by Microsoft, or with new advertising channels like Amazon Ads, Apple Ads, and Walmart Ads, the digital media world has changed strongly. Automated and data-driven portfolio management for digital marketing will therefore become significantly more important,” says Marco Hochstrasser, co-founder and CEO of Nexoya.
As a cross-channel budget optimiser, we are right in the middle of this with Nexoya. We ensure that our customers can keep up with this dynamic and flexibly deploy advertising budgets where the potential is greatest for them,” he adds.