Finnish advertising technology platform Kiosked has received a €15 million facility from the European Investment Bank (EIB) / InnovFin – EU Finance for Innovators to advance its development of advertising software.
The loan will be used to develop new online and mobile advertising platforms, says Kiosked, as well as build on its expansion over the next three years by increasing its staff fourfold. The company is headquartered in Espoo with other offices in Ireland, UK, Singapore and the US.
Last year the EIB provided €25 million in financing to the – now struggling – maker of Angry Birds, Rovio (also based in Finland), to enhance its games development. It was one of the first tech-focused financings from the bank with more expected in the future.
EIB vice president Jan Vapaavuori, who oversees Finland, said the InnovFin – EU Finance for Innovators program was particularly focused on midcap companies and Kiosked is an ideal candidate for financing.
“We know the EIB genuinely understands and supports our unique approach to delivering a superior advertising performance,” said Kiosked CEO and co-founder Micke Paqvalén, adding that the company is aiming to drive further global growth.
The financing is part of Horizon 2020 and a program of financial instruments run by the European Investment Bank and European Investment Fund to help companies access the funds they need to grow. The instruments promise to provide over €24 billion to small, medium, and large businesses.