(Reuters) – MNTN, an adtech company specializing in Connected TV (CTV), has raised $119 million in a funding round co-led by asset manager BlackRock and Fidelity management and research.
The company, whose existing investors include Baroda Ventures, Greycroft Partners and Qualcomm ventures, did not disclose the valuation it fetched in the round on Tuesday.
It made headlines in June last year after acquiring Maximum Effort, a digital marketing firm founded by Hollywood star Ryan Reynolds and ad-industry veteran George Dewey. Reynolds serves as the chief creative officer of MNTN.
CTVs have become ubiquitous in recent years since they allow viewers to access cable content, streaming, social networking and browsing in one place with just an internet connection.
U.S. ad spending on CTV is estimated to more than double from 2021 to about $29.5 billion by 2024, according to research firm eMarketer.
That boom has fed demand for services provided by companies like MNTN, whose platform helps businesses run their advertising campaigns and provides them with real-time data on the performance of their ads.
The company recently acquired QuickFrame, a video creation tool for businesses, for an undisclosed sum to help in its push to swiftly produce TV ads.
(Reporting by Eva Mathews in Bengaluru; Editing by Aditya Soni)
