Adtech startup raises $5 million

Adtech startup Veridooh has raised $5 million in a Series A as it looks to expand offshore.

The round was led by EVP and partner Dan Szekely will join the Veridooh board. Jelix Ventures, Saniel and Gravel Road also participated. It’s the company’s first external funding after launching in 2019.

Veridooh’s platform is designed to boost transparency, automation, and intelligence in out-of-home (OOH) advertising. It independently tracks, measures, and verifies the performance of digital OOH campaigns.

The Sydney startup now has 20 staff and more than 140 clients in Australia and New Zealand. The funds will be used to drive Veridooh’s international expansion.

Co-founder Mo Moubayed said they’d received strong interest in overseas markets.

“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,” he said.

“We are excited to launch our world-first product at full-scale in new markets. The 100% independent verification we provide for all industry stakeholders has consistently wielded great results for all involved.”

Moubayed said that if you can remove any doubt about the delivery and performance of OOH advertising then you can increase buyer confidence.

“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,” he said.

“We’ve been through a period of exponential growth in the Australian market but from day one we have built our technology to be scalable globally.”

EVP’s Daneil Szekely said a lack of data and third-party verification in the OOH ad sector was surprising given the spend and demand.

“The need for an independent solution that allows media buyers to check where their money has gone is obvious,” he said.

“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 shift to digital in outdoor advertising is predicted to deliver a compound annual growth rate of more than 29% globally over the next three years.