Birmingham-based Covatic, a privacy-first ad tech company, announced on Friday that it has raised $5M (approximately €4.6M) in a Series A round of funding led by Praetura Ventures.
Creative UK’s Creative Growth Fund and Comcast also participated in the round.
The company says the funds will fuel further technological advancements and support Covatic’s expansion into the global advertising and media market.
“I’m so proud of the progress we’ve made, and this investment is a testament to that,” says Nick Pinks, CEO of Covatic.
“Online privacy is the most important issue facing the media ecosystem. By creating a solution that has privacy built at its core, we’re empowering media companies to deliver better content and advertising experiences. The next step for us is to use this investment to improve and scale our platforms and market reach,” adds Pinks.
Covatic: Privacy-first ad tech company
Led by Nick Pinks, Covatic helps media companies deliver private-by-design and addressable advertising without exposing personal data.
The company’s ID-less, privacy-first technology helps brands understand their audiences without extracting, collecting, or sharing individual consumer data.
Individual consumer data is kept within a user’s device and not sent to the cloud, claims the company.
By mapping content consumption and device characteristics, inputs, and sensor data to audience segments, it identifies when, where, and how an individual engages with content, helping to inform segment profiles and predict consumer behaviours.
Consequently, it allows brands to reach their target audience effectively.
As a certified B Corp company based in Birmingham, the company actively works with media companies, universities, and local organisations to stimulate innovation and investment outside of London.
The Investor
Praetura Ventures is a Manchester-based VC that invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.
Since 2019, Praetura Ventures has backed 33 companies, including North West headquartered businesses Culture Shift, XR Games, and Peak
Peter Carway, Head of EIS at Praetura Ventures, says, “The technology behind Covatic is cutting edge and perfectly balances advertising effectiveness with data protection and security.”
“The global customer base is also proof that the solution is pioneering in the field, highly scalable, and effective, and we have nothing but admiration for the way Nick and the team have continued to interact and progress with global brands while negotiating the fundraising process. Above all, we’re really excited to be partnering with Covatic and looking forward to supporting the team.”
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