BlackRock, Fidelity back $119 million investment in connected TV AdTech startup MNTN
MNTN, a Culver City, California-based AdTech startup that provides advertising software for direct marketers and agencies, has raised $119 million in a Series D funding round co-led by asset manager BlackRock and Fidelity management and research. The round was closed in the 4th quarter of 2021.
The startup, whose existing investors include Baroda Ventures, Greycroft Partners, Mercato Partners, Qualcomm, and Rincon Venture Partners, did not disclose the valuation it fetched in the round on Tuesday. MNTN made waves back in June of 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.
Founded in 2009 by Brooke Partelow and Mark Douglas, MNTN provides advertising software for direct marketers, agencies, and brands of all sizes. The SteelHouse Advertising Suite provides marketers with everything they need to launch retargeting and prospecting campaigns through display, mobile, and social.
That boom Connected TV has led to demand for services provided by companies like MNTN. The startup recently acquired QuickFrame, a video creation tool for businesses, for an undisclosed sum to help in its push to swiftly produce TV ads.
In a statement, MNTN Chief Executive Officer Mark Douglas said, “MNTN’s mission is to bring unrivaled simplicity and performance to TV advertising. We are so proud to add BlackRock and Fidelity as partners in this pursuit. You could not ask for a bigger vote of confidence than to have two of the world’s largest investors back you in such a big way. And we’re just warming up!”
Connected TV’s growth has exploded, with over 221 million viewers making streaming their preferred way of watching television. With this growth in consumption, Connected TV ad spend has increased 59.9% year-over-year to $14.44 billion in 2021 and will grow to an estimated $29.5 billion by 2024, according to research from eMarketer. Large advertisers are flocking to Connected TV and are demanding more data-driven metrics tied to ad spend.
MNTN is leading the category by providing advertisers a self-serve platform to buy premium Connected TV inventory and measure performance in real-time. Brands can reach customers across the top 150 streaming networks, such as CNN, Discovery+, ESPN, Hulu, and Food Network. MNTN continues to innovate the traditional TV buying and creative process through their recent acquisitions of Ryan Reynolds’ creative hot shop Maximum Effort and QuickFrame.