Sydney-based Veridooh has raised $5 million in an oversubscribed Series A funding round as it looks to strengthen the capabilities of its out-of-home (OOH) ad tracking software and go beyond Australia’s borders.
Led by venture firm EVP - which has previously backed the likes of SiteMinder and Shippit - the round also included Jelix Ventures, as well as Aconex co-founders Leigh Jasper and Rob Phillpot, who contributed via their funds Saniel Ventures and Gravel Road Ventures.
Veridooh serves more than 140 clients in Australia and New Zealand, including Google, Unilever, Amazon, McDonald’s, Canva, Samsung and Bonds. Organisations such as Omnicom Media Group, GroupM, and IPG Mediabrands have also partnered with the company to optimise their ad campaigns.
Veridooh co-founder Mo Moubayed said the company planned to scale globally from “day one”, and was now achieving that dream after a period of exponential growth in the Australian market.
“The industry has embraced the value we can provide to their OOH campaigns and as we see the sector pick up after the pandemic, more and more players are seeking out our platform," added Moubayed, who built the company alongside Jeremy Yang.
“If you can remove any doubt about the delivery and performance of out-of-home (OOH) advertising then you can increase buyer confidence while putting OOH advertising on a level, if not better, playing field than other digital channels, such as online."
Launched in 2019, Veridooh’s flagship solution SmartCreative independently tracks, measures and verifies the performance of digital OOH campaigns. The tech does not require integration with media owners, allowing it to be used anywhere in the world.
When using the platform’s dashboard, clients can access more than 300 metrics, such as location, plays, exposure time, ad length, and share of time, which they can use to analyse and optimise their campaigns.
In the past three years, the company’s staff has grown from three to more than 20 and has seen revenue grow by 400 per cent year-on-year.
“We’ve already received strong interest from players in overseas markets,” Moubayed said.
“This includes advertisers wanting more transparency and actionable data on their campaigns, as well as media owners wanting to independently show the delivery of their campaigns.
“We are excited to launch our world-first product at full-scale in new markets.”
EVP partner Dan Szekely, who will join Veridooh’s board following the investment, says that “independent verification has always had room to improve when it comes to out-of-home advertising.
“The lack of data and third-party verification today is surprising within the context of the enormous amount spent on digital displays and the strong demand from CMOs (chief marketing officers) for data transparency in media,” he added.
“Veridooh is solving this challenge for the industry through its collaborative approach with all stakeholders. Our investment is about scaling Veridooh’s technology globally, with the team perfectly positioned to be the dominant player in the market.”
The company’s global expansion comes as the OOH industry continues a digital evolution, with the rapid shift from static to digital screens fuelling an expected compound annual growth rate of more than 29 per cent globally over the next three years.
“Unlike other channels which are becoming increasingly fragmented, outdoor advertising will always have a big impact on consumers, particularly now as governments invest more in outdoor spaces,” Jelix Ventures partner Alon Greenspan said.
“Given that digital out-of-home now makes up 60 per cent of all out-of-home ad revenue in Australia, providing independent verification should be standard practice. Veridooh offers this by giving marketers and agencies the ability to access key metrics to ensure they’re getting the most out of their campaigns, as well as intelligence to plan future campaigns.
“By increasing transparency, digital out-of-home verification aligns the incentives of the whole industry and makes digital out-of-home a more effective marketing channel for all.”
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