A media management platform called Mediatool, with its main office in Stockholm, has revealed that it has raised 80 million Swedish crowns ($7 million) in a new round of investment.
According to the business, the cash would help it with its impending US growth and would also help it fulfill the rising demand for its platform in the US market. In the first quarter of 2024, Mediatool will establish a new office in New York as part of this growth.
The CEO of Mediatool, Alexander Högman, states, “This investment is very important to Mediatool, and we look forward to working with Fairpoint Capital and eEquity.”
“Mediatool has already had a big effect on the business. Since the USA already accounts for 40% of Mediatool’s sales, this is the ideal time to advance the business and build a bigger presence there, says Högman.
Fairpoint Capital, a venture capital investor in B2B technology, and eEquity, a growth investor, joined Mediatool in this fundraising round. The firm has previously received investments from Newion, J12, Almi Invest, and Twig.
Hadar Cars, investment director at Fairpoint, says, “We have followed the company for a number of years and are incredibly impressed by what Alexander and his team have built.”
“With experience from many other SaaS companies that have managed to scale quickly, we believe that Mediatool has all the important components in place,” continues Cars.
How the Mediatool platform functions
Advertising agencies may streamline their media planning, activation, and monitoring workflows with Mediatool, a media management software. It offers one location for managing all media campaigns across business divisions, platforms, and campaigns.
Mediatool is a SaaS platform that collects all media data in one location, including investment data, audience analytics, and campaign outcomes. Advertisers may take quick action on their data to enhance ROMI and optimize their strategy across various markets, campaigns, and brands. Additionally, it is quite scalable, making it appropriate for companies of all sizes.
There are two choices: “mediatool for agencies,” which improves delivery across client portfolios and is advantageous to advertising firms, and “mediatool for brands,” which offers clarity and centralized data management for marketing campaigns.
Traditionally, ERP systems have efficiently managed payroll, supply chain, and sales costs. Despite being one of the most expensive items in the P&L, media spending is frequently controlled using spreadsheets, even for huge worldwide marketers with reliable IT systems.
This is where Mediatool may help multinational corporations with intricate marketing divisions and sizable media agencies.
“As part of our due diligence, we spoke with several US-based retail behemoths and learned that they predominantly use spreadsheets to handle billions of dollars in media expenditure. According to Jessica Mattson, a deal partner for eEquity’s investment, Mediatool’s inventive solution meets this urgent demand.
The market for a contemporary, adaptable, and trustworthy SaaS media management solution is unexplored, and Mattson continues, “We are excited to have found Mediatool to tap into this blue ocean.”
The company cemented its position as the market leader by successfully bringing on some of Europe’s best-known advertisers in 2023. Additionally, it collaborates closely with some of the world’s biggest media agency networks and advertisers to assist them in efficiently managing campaigns for their customers.
Mediatool oversees over $6 billion (€5.675 billion) in media spending for more than 70 large clients.