Zurich and Berlin-based Nexoya, a marketing analytics platform, announced on Tuesday, March 14, that it has raised $5M (approximately €4.7M) in a Series A round of funding from BlackSheep MadTech Fund.
With the fresh capital, Nexoya says it will accelerate growth in Switzerland and Germany. The funds will also allow it to expand into new markets such as Italy and the UK.
The company is also planning to expand its team to 30 people by the end of 2023.
Marco Hochstrasser, co-founder and CEO of Nexoya, says, “Overall, we see a very dynamic digital advertising market with incredibly fast developments. Especially with the success of large language models like ChatGPT, with the acquisition of Xandr by Microsoft, or with new advertising channels like Amazon Ads, Apple Ads, and Walmart Ads, the digital media world has changed strongly.”
“Automated and data-driven portfolio management for digital marketing will therefore become significantly more important. As a cross-channel budget optimiser, we are right in the middle of this with Nexoya. We ensure that our customers can keep up with this dynamic and flexibly deploy advertising budgets where the potential is greatest for them,” Hochstrasser.
Automates and optimises advertising budgets
Founded by Marco Hochstrasser and Manuel Dietrich in 2018, Nexoya automates and optimises advertising budgets across channels for the digital marketing of medium-sized and large companies.
The company’s SaaS platform, called “Nexoya Marketing Analytics”, employs artificial intelligence and machine learning techniques to enhance multi-channel marketing campaigns.
The platform consolidates important metrics from various channels including Google Ads, Instagram, and Facebook, and displays them in a user-friendly format while also assuming responsibility for monitoring these metrics.
By utilising predictive analytics and analysing the gathered data, Nexoya can adjust the campaign budgets to optimise their effectiveness.
The company says its solution relieves marketing teams of routine operational tasks, simplifies automated data-driven decisions, and reduces marketing costs by up to 30 per cent.
The Nexoya team is consistently expanding the range of channels it integrates with to ensure that its users receive the most effective budget optimisation.
Recently, they added Pinterest, Taboola, Google Analytics 4, and Outbrain to their list of integrations.
Currently, the company works with the likes of Generali, Yuh, Magix, Sunrise, and Kardex.
In 2022, Nexoya claimed to have tripled its revenue and witnessed a stable growth of 12.5 percent MoM.
BlackSheep MadTech Fund, managed by Eureka! Venture SGR, specialises in investments in innovative marketing and advertising technology.
Marco Caradonna, co-founder and Managing Partner at BlackSheep MadTech Fund, says, “Nexoya is the only solution in the market that combines cutting-edge AI-based predictions and algorithms with fully automated budget allocation and optimisation.”
“Combined with the world-class team around Marco Hochstrasser and Manuel Dietrich, we foresee enormous potential with Nexoya,” adds Caradonna.