Collective, a New York City-based advertising technology firm, announced that it had collected US$50 million in venture capital and debt. The fundraising fueled speculation that one of New York's biggest and most successful ad-tech companies, is planning for an eventual IPO. US$20 million in venture capital was underwritten by Cox Communications' advertising sales unit.
Cox Communications is the United State's third-largest cable company. The company is also the venture unit of Samsung and A-list venture company Accel Partners. The late-stage capital injection brings Collective's total venture capital to around US$45 million.
Cox currently has a working relationship with Collective. The New York City-based advertising firm connects set-top-box data from Cox's 7 million cable subscribers together with Collective's online client data. The system allows the companies to supply advertising to precise target consumers wherever they might be.
"They can give an advertiser a television campaign whose reach can be extended to the desktop, to mobile, to tablets. It's the Holy Grail in the industry," a senior banker at Waller Capital, Sundeep Chanana, explained.
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