Honeycomb, a TV and advertising management platform, has raised £3m in Series A funding in a round led by Beringea.
Launched in August this year, the platform – which aims to increase the transparency in the current advertising delivery process by automating elements of input and data sharing throughout the delivery chain – has raised £4m in total funding to date.
Currently available in the UK, Ireland, Germany, Austria and Holland, the new funding will be used to roll-out the platform into an additional 11 markets including the US.
“The investment from Beringea serves to endorse our approach, our strategy and our overall goals,” said James Carpenter, founder of Honeycomb,adding:
“Our streamlined model has already made an impact in Europe with new customers signing up everyday since we launched less than two months ago. This show of confidence provides the solid foundation we need as we set our sights on the rest of the world.”
Carpenter went on to say that Honeycomb would seek to lay the groundwork for programmatic TV, essentially a more targeted and automated method of audience-based ad purchasing.
“This is a widely talked about but unrealised concept. But with the support of our partner clients, our individual investors, and now Beringea, we have the capability to bring this technology to market in the near future,” added the founder.
Maria Wagner, an investment director at Beringea UK, said Honeycomb constituted an exciting investment opportunity for the firm.
“It’s rare that you would get the opportunity to back a CEO who has already successfully grown a similar business, but to combine that with leading experts across the worlds of creative, marketing and tech investment provides a huge amount of confidence in the ability of the team to create a globally successful business.
“We’re proud to be involved with this impressive team and look forward to supporting them on their exciting journey and international expansion,” she concluded.