Conversational ad tech firm, Cavai has raised £6.5m in funding from a range of prominent investors, including Norway’s two largest venture players, Investinor and Idekapital, and ad tech industry specialist FirstPartyCapital.
It will use the funds to bolster its offering in existing markets, develop its product portfolio, and expand in the US as it gets IPO-ready.
As the company continues its global expansion, it is developing next-generation, user-centric marketing solutions which enable one-to-one dialogue with consumers across a variety of formats, including video.
Cavai will also be launching conversational eCommerce solutions which will integrate with local payment solutions providers and enable in-ad purchases.
The company’s valuation has increased by five times in the last year.
“We are delighted to have found industry-focused investors that understand the huge changes that are happening within the marketplace, whilst having also found investment funds that can take us through multiple series of funding as we scale, compete on a truly global level and build-up towards an IPO," said Founder and CEO of Cavai, Steffen Svartberg.
“We have built a platform that is sustainable, with user experience baked into the core. Non-interruptive formats deliver insights whilst also guiding consumers, with brands such as Amazon, Nivea, and BMW leveraging our platform to great effect. Our client list includes six of the biggest media agencies in the world. With an exceptionally strong appetite for conversational advertising, Cavai has seen three times revenue growth from H1 2020 to H1 2021.”