MNTN, a marketing software platform for connected TV advertising, has raised $119 million in Series D funding. The lead backers were BlackRock and Fidelity Management and Research Company.
Los Angeles, CA – February 1, 2022 – MNTN, the leading marketing software platform for Connected TV advertising, today announced that it has raised $119 million in Series D financing. The round, which closed in the 4th quarter of 2021, was co-led by funds and accounts managed by BlackRock and Fidelity Management and Research Company, which collectively invested approximately $110 million.
MNTN Chief Executive Officer Mark Douglas commented, “MNTN’s mission is to bring unrivaled simplicity and performance to TV advertising. We are so proud to add BlackRock and Fidelity as partners in this pursuit. You could not ask for a bigger vote of confidence than to have two of the world’s largest investors back you in such a big way. And we’re just warming up!”
MNTN Chief Financial Officer Patrick Pohlen added, “I’ve worked in venture and technology for over 25 years but this company and our new partners are special. Connected TV is transforming the advertising landscape and MNTN is leading the charge. This round will enable us to continue to invest in our platform, products and people. We are delighted to have BlackRock and Fidelity support and participate in our next phase of growth.”
Connected TV’s growth has exploded, with over 221 million viewers making streaming their preferred way of watching television. With this growth in consumption, Connected TV ad spend has increased 59.9% year-over-year to $14.44 billion in 2021, and will grow to an estimated $29.5 billion by 2024, according to research from eMarketer. Large advertisers are flocking to Connected TV and are demanding more data driven metrics tied to ad spend.
MNTN is leading the category by providing advertisers a self-serve platform to buy premium Connected TV inventory and measure performance in real time. Brands can reach customers across the top 150 streaming networks, such as CNN, Discovery+, ESPN, Hulu, and Food Network. MNTN continues to innovate the traditional TV buying and creative process through their recent acquisitions of Ryan Reynolds’ creative hot shop Maximum Effort and QuickFrame.
BlackRock and Fidelity join MNTN’s previous existing investors including Baroda Ventures, Greycroft Partners, Mercato Partners, Qualcomm, and Rincon Venture Partners.