May 18, 2009
Investors, Blumberg Capital, First Round Capital, and Genacast Ventures Invest $3.5 Million in Series A Funding for Double Verify
A pioneer in media verification, Double Verify announced that with its successful trial and the bolstering of its real-time verification system for online transactions, it will officially launch this product, drawing investors to invest $3.5 million in series A founding. The investors participating in this round of funding include Blumberg Capital, First Round Capital, and Genacast Ventures. Double Verify is a company based in New York and has its engineering offices in Tel Aviv, Israel. Double Verify has a product that allows marketers, publishers, and ad networks to have access to programs that automate and fully authenticate third party transactions for online advertising. Some of the company’s clientele include major companies in the Fortune 500.
As part of the agreement coming with this round of funding, Gil Beyda, managing partner of Genacast Ventures will join Oren Netzel on Double Verify’s board of directors. Oren Netzel is one of the company’s cofounders and currently works at Double Verify as its CEO.
According to Oren Netzer, the recent financing along with contracts won with clients in the Fortune 500 is living proof that having an objective third party verification system is important in the media market. The fact that marketers and ad agencies have not been able to truly verify their third party transactions has left these agencies to work blindly in this industry and for a long time they had no solution, like the one that Double Verify offers them.
According to Mark Stuart, former CEO of IAB and the author of “What Sticks,” there is a lot of waste in the advertising industry and any company that provides a product to eliminate the waste of time, money and resources is a great positive attribute to anyone in the online economy. The kinds of products like those that Double Verify has will significantly add value to ads.
As far as Mr. Blumberg of Blumberg Capital is concerned, the speed of which Double Verify’s solutions have been adopted by so many major clients is very impressive. Because accountability in online advertising is becoming a major issue for both buyers and sellers of advertisements, Double Verify has surfaced as a market leader.
Blumberg Capital is a vc firm that likes to invest in IT companies that have an innovative product or service that can disrupt the market and invests in both the United States and Israel. Blumberg Capital mainly invests in early stage companies and has nine partners, who work with portfolio companies. Some of the companies in Blumberg’s portfolio include Revionics, Nolio, CaseStack, Checkpoint Software, Conduct Software, Damballa, and others.
First Round Capital is a vc firm that provides seed funding to companies in various industries who have innovative technology or intellectual property that can upset the marketplace. The vc firm has offices in Philadelphia and San Francisco and since its inception has funded over 70 companies. Some of the companies in First Round’s portfolio include 33Across, AppNexus, Aster Data Systems, Like.com, Movoxx, MyYearbook.com, and others.
Like First Round Capital, Genacast Ventures is also a vc firm that specializes in seed funding for startup companies poised for success in the marketplace. Genacast Ventures mainly invests in the internet and tech industries. Genacast Ventures is a rather new vc firm which was founded in 2008 by Gil Beyda, who in 1982 started his first video game company, Mind Games, which developed games for Apple’s computer, the Apple II.
For more information about Double Verify, click here.