Jordan Bevan
DoubleVerify, the software platform for digital media measurement, data, and analytics, announced today it has closed a funding round of $350 million, led by Tiger Global Management.
Fidelity Management & Research Company LLC also participated in the round, together with funds and accounts managed by BlackRock, and funds advised by Neuberger Berman Investment Advisers LLC, among others. Providence Equity Partners (“Providence”), which invested in DoubleVerify in 2017, remains the majority investor.
DoubleVerify said in a statement that “the new investment will primarily be used to purchase shares from existing shareholders and a portion will be used to support continued growth in the business.”
“The support of these high caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said Mark Zagorski, Chief Executive Officer of DoubleVerify.
DoubleVerify provides solutions for brands and agencies, marketplaces, and publishers to let their ads meet quality standards across channels, formats and platforms. Its tools include “fraud” detection and prevention to combat different ad fraud types, “viewability” to make sure the ads drive media effectiveness, and “brand safety” to protect brands’ equity and reputation across different channels.
“We look forward to partnering with Mark and the entire DoubleVerify management team as the Company continues the growth of its business globally,” said John Curtius, Partner, Tiger Global.
The investment round is expected to close in the last quarter of 2020. The company also said that the funding round comes weeks after the company inked a new $150 million revolving credit facility led by Capital One.
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