I am pleased to announce two recent developments at Simulmedia. They coincide with the recent and dramatic growth in both the advanced TV advertising market overall and our own business. At the end of last week, Simulmedia closed a $29 million Series E equity investment round, led by our long-time investor Union Square Ventures through their new 2019 Opportunity Fund. All of our existing institutional investors, including Avalon Ventures, WarnerMedia and Valiant Capital, are participating. In addition, David Levy, former president of Turner Broadcasting and longtime senior executive at Time Warner and AT&T’s WarnerMedia, has rejoined the Simulmedia Board of Directors as an independent director.
It’s no accident that these moves coincide with significant and positive market developments. In the six or so months since we announced the unbundling of our targeted TV media offering into a transparent, software-driven, national TV ad marketplace that operates across all of the largest national TV programmers and broadcasters, we have seen our revenue double, year-over-year, and our profit grow significantly. Clearly, the mission that Simulmedia was founded on more than 10 years ago - to help advertisers and media owners solve for the growing fragmentation, waste and opacity in TV and premium video advertising while driving more campaign yield - is resonating. That makes now the perfect time to strengthen our balance sheet as we prepare for even more growth from a surging market for a digital and data-driven approach to TV advertising.
This is also the perfect time to strengthen our board leadership, and I can’t think of anyone I’d rather have in that capacity than David Levy. He was one of the very first people with whom I discussed the idea for Simulmedia more than 10 years ago. He became a supporter of the company from the very start, which was not too much of a surprise since he has always been an early pioneer and advocate of initiatives to move the TV and advertising industries forward. For example, he crashed the broadcast Upfronts as a cable programmer, partnered with CBS to bring full March Madness coverage to both cable and broadcast TV, and jump-started OpenAP and the world of audience-based buying on TV. David originally joined our board more than two years ago, representing the interests of our strategic investor Time Warner and its successor, WarnerMedia, but had to resign their seat when he left the company. We couldn’t be happier to welcome David and his intellect, leadership and counsel back to our board as an independent director.
As exciting as the last 10 years have been, I’m even more bullish about what lies ahead. In closing, I want to thank all of our customers, board members, and, most especially, our employees for helping us get to this point. We literally could not have done it without you.
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