Sovrn Raises $36 Million in Series C Funding Fueled by Consistent Revenue Growth
Top venture capital firm Foundry doubles down on investment along with additional investors Archer Venture Capital, Lexington Partners, Progress Ventures and Structural Capital
Sovrn, a publisher technology platform that empowers content creators to remain independent and thrive on the open web, announced it raised $36 million in a new round of equity financing. The investment reflects Sovrn’s consistent growth and profitability, including year-over-year revenue growth for the past seven consecutive quarters and 13 out of the last 14 quarters, and the value Sovrn has continued to deliver to customers across its multi-solution publisher platform.
The funding allows Sovrn to pursue additional acquisitions and support the company’s mission of delivering innovative products and services that further expand the capabilities of the Sovrn platform.
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Since its previous raise of $26 million in December 2018, the company has acquired three companies and significantly expanded its product portfolio, increased its employee count by more than 50% across the US, UK and EU, and added thousands of diverse, active customers that generate hundreds of millions of dollars in annual revenue by using its products.
Investors include Foundry, Archer Venture Capital, Lexington Partners, Progress Ventures and Structural Capital, among others.
“This financing represents a milestone achievement for Sovrn, given the contraction in financial markets and current conservative approach to investing,” said Walter Knapp, Sovrn CEO. “It speaks volumes to the value we continue to deliver to customers, our positive track record of acquiring and integrating complementary product companies onto the Sovrn platform, and our consistent, profitable revenue growth.”
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Sovrn simplifies the complexities of the open web with tools and insights for content creators so they can better understand their business, make smarter decisions, operate more efficiently and grow revenue. The platform is powered by the Sovrn Data Collective, which delivers access to safe, privacy-compliant data, helping ensure that publishers can tap enhanced consumer understanding, enriched audience profiles, and insights into revenue performance to better compete against monopolistic walled gardens. The company sits at the intersection of multiple, multi-billion-dollar markets across advertising technology, affiliate marketing and ecommerce, consumer data and publisher tools.
“Sovrn’s simple yet powerful product platform is unmatched in the industry,” said Seth Levine, managing director at Foundry. “We’ve been impressed by the company’s continued innovation, rapid scaling, and high levels of customer satisfaction. We see tremendous opportunity for Sovrn to further penetrate the market and are excited to continue partnering with Walter and his team.”
