A Million Ads, a London-based start-up making digital audio advertising more relevant and context-aware, has raised £2.3m in seed funding.
The round was led and priced by GMG Ventures, with Edge Investments contributing £1.3m.
A Million Ads intelligently personalises audio adverts by combining contextual information with an advertiser’s message create highly relevant, better performing ads. The company produces campaigns for brands such as Virgin Atlantic, Audible, BMW, Ebay, British Airways and Deliveroo.
Although audio has been experiencing declining figures, with traditional radio losing listeners each year, the market has recently experienced a resurgence thanks to developments in technology. Audio-on-demand (such as podcasting) is now experiencing the same trend as music-on-demand (Spotify) and video-on-demand (Netflix), fuelling the rapid growth of the digital audio advertising market.
Edge and GMGV’s investment and expertise will help A Million Ads expand in the US, where the audio advertising market is over 50 times the size of the UK market, and where there is also increasing demand for personalisation and significant growth in digital audio advertising spend.
The investment will also be used to support the Company’s strategic plans to enter the market for dynamic video advertising.