Software firm raises $5m in funding round
Birmingham-based software company Covatic has raised $5m in its Series A funding round, led by Manchester-based venture capital investor Praetura Ventures.
The company has developed a software platform for broadcasters that enables them to deliver personalised content to users’ mobile devices and tailored adverts to boost advertising revenues.
It has developed a way to do this without the need to expose any personal data, meaning their privacy is protected at all times.
The investment will be used to further develop its technology while bringing it to the global advertising and media market. Other investors include Creative UK’s Creative Growth Fund and Comcast.
“I’m so proud of the progress we’ve made, and this investment is a testament to that,” says Nick Pinks, CEO. “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.”
Peter Carway, head of EIS at Praetura Ventures, said: “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 fundraise process. Above all, we’re really excited to be partnering with Covatic and looking forward to supporting the team.”