Ad measurement and verification provider DoubleVerify today announced a $ 350 million investment round led by Tiger Global Management, expected to close in the fourth quarter.
The investment in DoubleVerify, which is allegedly preparing for an IPO, will be used primarily to buy back shares from existing shareholders. A portion of the investment will be used to support business growth, including related TV offerings.
“The support of these high-profile investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said Mark Zagorski, CEO of DoubleVerify, in a statement.
In addition to funds, Fidelity Management & Research Company LLC also took part in the investment round and was managed and advised by investment advisors BlackRock and Neuberger Berman. Providence Equity Partners, which invested in DoubleVerify in 2017, remains a majority investor in the company.
“The DoubleVerify team has worked consistently at every level of the business,” said Davis Noell, senior managing director at Providence and chairman of the board at DoubleVerify, in a statement. “We welcome the investment by Tiger and these other leading investment firms, and look forward to continuing to support the company.”
DoubleVerify has shaken its leadership position to bring its ad measurement technology into the fast-growing CTV space, which is projected to reach $ 10.8 billion in ad spend in the US by 2021, according to eMarketer.
In July, DoubleVerify hired Zagorski, the former CEO of Telaria, a publicly traded supply-side platform that specializes in CTV and now part of Magnite, to lead the CTV push. Zagorski previously told Adweek that he saw an “opportunity for a company to create a standard around CTV” that could be better than standard-bearer Nielsen.
The company hired former GroupM Chief Product Officer Jack Smith in August to take on the same role at DoubleVerify. Smith has television advertising platforms and is tasked with improving the company’s CTV offering.
Earlier this month, DoubleVerify closed a $ 150 million revolving credit facility led by Capital One following a refinancing. The company said that only part of that credit facility is currently outstanding.
A DoubleVerify spokesperson has not returned Adweek’s request for comment on whether the company plans to go public before this article is published.