Content recommendation platform Outbrain, which filed for an initial public offering last week, announced that it has raised $200 million in funding from Boston-based hedge fund Baupost Group. The post-money valuation was not disclosed by the company.
“We proudly lead the recommendation space we created. We have bold plans for the future to continue delivering critical innovation to our premium media partners worldwide and expanding our powerful open web global advertising platform” Outbrain co-CEO Yaron Galai said in a statement.
Calling itself a “mobile-first company, Outbrain generated 66% of its total revenue from mobile platforms in 2020, according to its IPO filing. The adtech company generated $228 million in revenue in the first quarter of 2021, with a 29% year-over-year growth rate.
“We are excited to announce this investment from The Baupost Group, who share our vision and commitment for our business, our team and our future prospects” co-CEO David Kostman said in a statement.
Oubrain’s biggest rival Taboola began trading on the Nasdaq last week following its merger with the special acquisition company ION Acquisition Corp.1. The company raised more than $500 million with the IPO.
Back in September, Taboola and Outbrain called off a planned $850 million merger which they first announced back in October 2019 and would have valued them at over $2 billion.