Sollentuna, a suburb of Stockholm-based self serve advertising platform DanAds has raised $5 million and has appointed investor Anders Borg, Sweden’s former Minister for Finance, as Chairman of the Board.
The round of funding was led by Wellstreet, and saw participation from individual investors Hugo Stenbeck, Jonas Sjögren, Johan Andersson and Alexander Hars. The fresh capital is expected to be used to further expand into the European market as well as new verticals.
“DanAds is currently on a rapid growth trajectory and we are excited to be on this journey with them,” comments Wellstreet CEO Mikael Wintzell.
Founded in 2013 by Istvan Beres and Peo Persson, DanAds’ raison d’être is to bring online advertising to all via a transparent alternative to the regular players in the space. DanAds’ automated technology allows published to claim a bigger slice of the digital advertising pie by cutting out the middle man.
Driving down the costs associated with advertising, DanAds is giving more and more small and medium-sized businesses a seat at the table, a tool that has proved particularly relevant during the pandemic. So much so that since the beginning of 2020, the company reports a 125% growth in revenues.
DanAds is currently working with some of the largest publishers in the industry including The Atlantic, Bloomberg Media Group, and Hearst Magazines.
“DanAds has played a pivotal role in opening up a market that allows publishers of varying natures and sizes to compete on the same terms as Facebook and Google, which for a long time have dominated the market. I am, therefore, delighted to be joining DanAds’ board at such a key time for the company,” adds newly appointed chairman Anders Borg.