Smartly.io closes USD 20 million funding round
The Finnish ad optimisation solution for Facebook, Smartly.io, has secured a 20 million-US dollar investment from Highland Europe.
Smartly.io pursued the secondary funding round where part of the existing stakeholders’ shares were sold, in order to strengthen its board of directors and tap into Highland Europe’s expertise in building high-growth companies and connect with the executive teams behind them.
The Finnish company has experienced two years of solid profitability and recently surpassed one billion US dollars in annual ad spend on the platform.
“Everyone is an owner at Smartly.io and a secondary round was a way for us to reward the entire team and take off any pressure to sell or IPO,” says Kristo Ovaska, founder and CEO of Smartly.io. “We, in return, gained a partner that will help us take our business to the next level through their network, by helping us build out a global leadership team and with access to a large fund if we ever need capital for acquisitions or more aggressive expansion.
Behind Smartly.io’s shot to success is ‘Creative Automation’, which allows companies to automatically pull product images into compelling ads on Facebook. Its customers include over 500 brands and agencies includes eBay, Zillow, JustFab, SkyScanner and Deliveroo.
Smartly.io will soon also release its automated video templates, currently in beta. It has received positive feedback and is in strong demand as video advertising is expanding rapidly.