tvScientific, a leading performance advertising platform for connected TV (CTV), announced it has raised $25.5 million in Series B funding to 10 times the CTV ad market. NewRoad Capital Partners led the round, including Roku, a first-time investment from Second Alpha Partners, and participation from existing investors Norwest Venture Partners, S4S Ventures, and Progress Ventures.
The CTV advertising market has been increasing by tens of billions of dollars every few years, compared to the linear TV market. However, the TV market now is geared toward brand advertisers and brand ad metrics like frequency and reach, shutting off most of TV to performance advertisers, who have made search/social advertising a combined roughly $500 billion ad market.
The new funding round will enable tvScientific to invest in scaling go-to-market teams and to continue building the company’s patented suite of technologies around identity, outcome measurement, and ML/AI-driven TV outcome optimization. And tvScientific has been issued six patents to date.
With the new funding round, tvScientific aims to 10 times its customer base within the next two years, further establishing CTV as a performance rival to search and social and raising advertisers’ expectations of CTV by making performance table stakes. And the era of accountable advertising and of Performance TV is well underway, and tvScientific’s latest fundraise will accelerate its evolution.
KEY QUOTES:
“tvScientific’s vision is to vastly expand TV advertising’s total addressable market by building the category of Performance TV: CTV advertising with the performance capabilities and metrics available to performance advertisers on digital-native channels such as search and social. By building Performance TV, tvScientific aims to transform CTV into a multi-hundred-billion-dollar category, rivaling the combined search and social market that Google and Meta have built by driving performance for the results-oriented e-commerce and mobile advertisers who won’t buy CTV if it is limited to driving awareness and other brand building goals.”
– Jason Fairchild, CEO and co-founder of tvScientific
“As brands are looking to connect more deeply with consumers to deliver business outcomes, Jason and the tvScientific team have built the leading performance CTV platform. From audience to activation to measurement and optimization, tvScientific has all the parts and partnerships in place to make a dynamic impact on how brands can engage consumers.”
– John Sheehy, Operating Partner at NewRoad Capital Partners
“We often talk about the future of TV advertising being performant. Our investment in tvScientific is a further commitment to that thesis. This is a partnership that makes sense given Roku’s scale in CTV and our belief that TV advertising should be accessible to advertisers of all shapes and sizes.”tvScientific has helped hundreds of advertisers, including Foot Locker, Rare Beauty, EA, Scopely, Dream, Brightside, Earnin, Britbox, Gorjana, and Weight Watchers, build a performance strategy on CTV, delivering ROAS and CPAs that improve on the standards of ever-more-expensive and crowded social and search platforms.
– Miles Fisher, Senior Director, Strategic Advertising Partnerships, Roku
