Tuna Cetin
CTV advertising software platform Madhive announced on Tuesday that it has signed a definitive agreement with Goldman Sachs Asset Management’s Private Equity business for a $300 million investment.
The New York-headquartered ad-tech company was founded in 2016 by Adam Helfgott and Stacy Huggins with the aim of ‘’transforming the $360 billion digital TV advertising industry’’. The firm currently has around 200 employees, and is planning to increase its workforce by 20% this year.
In its press release, the company said that the funding will help it fasten the growth and adoption of its CTV advertising platform, bolster its presence in the local advertising space, and also expand new channels like retail media networks and national / direct-to-consumer (DTC) advertisers.
Madhive Founder and Chief Executive Officer Adam Helfgott, who will become the Strategic Advisor and Chairman of the Board following the closing of the transaction, said: “Since inception, Madhive has been on a mission to modernize and simplify the ad-tech ecosystem. We purpose-built the Madhive platform in anticipation of the growth of streaming TV — investing in engineering, technology, and infrastructure. Our growth stems from collaborating with partners to solve a host of their unique requirements. Through our fully end-to-end tech stack for TV advertising, media sellers and advertisers have the flexibility and tools to reach streaming audiences efficiently at scale.”
Madhive President Spencer Potts, who will take on the position of CEO at the company, said: “Madhive believes in extensive collaboration to move the industry forward, and we are excited to partner with Goldman Sachs to fuel our next chapter of growth.”
Leonard Seevers, a Partner and Co-Head of Technology, Media and Telecom investments in Goldman Sachs’ Private Equity business, commented: “We have been deeply impressed with Madhive’s growth and success in the local CTV advertising market within just seven years since its inception. We are incredibly excited to partner with the Madhive team to drive long-term growth and value creation together.”
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