DoubleVerify Lands $350M Round
DoubleVerify, an advertising analytics company, has secured $350 million in outside funding from a group of investors led by Tiger Global, with participation from Fidelity and BlackRock. The new round is a mix of equity and secondary funding, wherein a part of it is being used to purchase shares from existing investors.
Even with the funding, DoubleVerify remains majority-owned by Providence Equity Partners, a private equity firm that purchased a majority stake in the company in 2017 for a reported $200 million.
DoubleVerify is an advertisement analytics platform that’s used by advertisers, brands, publishers and the likes to measure advertising effectiveness and insights. It’s used by advertisers to optimize the quality and return on their digital advertising investments.
DoubleVerify as a company was founded in 2008 and exited to a private equity firm nine years later. Before is majority-sale to Providence Equity Partners, the company had raised about $50 million in funding from investors including venture capital firms IVP and First Round Capital.
It seems that DoubleVerify has fared very well since its majority-acquisition in 2017, with Tiger Global, Fidelity, and BlackRock, three major technology investors now betting on the company. DoubleVerify will use a part of its new funding to support continued growth.
Investment banks J.P. Morgan and Goldman Sachs acted as advisers for DoubleVerify’s new funding round.