Veritonic announces $7.5 million in funding to power audio and podcast advertising
Veritonic announced the closing of a $7.5 million Series A funding round to expand audio advertising.
Veritonic is a comprehensive audio research and analytics platform. The Series A funding round was led by Lavrock Ventures, with additional investments from Progress Ventures, Greycroft, Lerer Hippeau and Newark Venture Partners. Daniel Hanks of Lavrock Ventures will join Veritonic’s board of directors.
Brands and agencies use Veritonic’s platform to research, test, and measure the ROI of audio assets. These resources include audio logos, audio ads, podcast ads, and more. at every stage of the campaign. This insight allows brands to safeguard their investments in audio and podcast advertising while mitigating risk through optimization. Veritonic recently launched its first audio attribution solution to help brands track and measure campaign performance across any app, hosting platform or listening device.
“A growing number of brands are looking to audio as a go-to marketing vehicle to reach and resonate with audiences,” says Veritonic Founder and CEO Scott Simonelli. “Our pioneering, independent analytics and measurement platform takes the guesswork out of audio, helping brands invest smarter, optimize their message, and stay ahead in an increasingly competitive advertising landscape. investment is a testament to our early and powerful leadership and innovation in this fast-growing industry.
Veritonic says it will use capital from the Series A funding round to support the hiring of top talent and continue to develop its end-to-end audio measurement and analytics capabilities.
“The Veritonic platform’s deep data and research enables us to make strategic, informed decisions about every element of our sponsors’ audio campaigns, enabling them to continually exceed our expectations,” said Gina Garrubbo, President and Chief director, National Public Media.
Audio ad spend grew 14.4% last year to US$18.06 billion, the fastest growth rate in 40 years. Additionally, podcast advertising revenue in the United States reached $1.4 billion in 2021, surpassing the $1 billion mark for the first time. The IAB predicts that the podcast market will exceed $2 billion in 2022 and exceed $4 billion by 2024.