Adverity raises $30 million

It was announced today that Adverity, an Austrian data analytics startup, has successfully raised $30 million (€27.6 million) in a Series C funding round bringing their total capital raised to $50 million (€46.1 million).

Adverity’s Series C funding round was led by venture capital firms Sapphire Ventures, Mangrove Capital Partners, Felix Capital, SAP.iO, and aws Gründerfonds. It was only in 2019 where Adverity closed an €11 million Series B funding round for its AI-driven platform.

Alexander Igelsböck, CEO and Co-Founder, Adverity, speaking on the funding round said: “Our platform plays a crucial role in helping enterprises become agile, empowering digital teams with intelligent insights. It is imperative we invest in evolving and developing new solutions, improving access and quality, and tackle the challenges of data complexity. With the support of Sapphire Ventures, we’re confident we’ll continue to accelerate our company growth and enable businesses to be successful by generating real value out of marketing data.”

As businesses and consumers have increasingly moved to digital channels to make transactions, the opportunities to collect more data and provide more insight to data-driven marketing decisions have increased.

The increased opportunities for digitally enabled businesses haven’t gone unnoticed by investors. Adverity is not the only data-driven business securing funding during the Coronavirus pandemic with Previse securing $11m in funding for its payments platform and Concertio successfully raising $4.2m for its platform that reduces businesses operational costs.

Adverity was founded in 2014 by Alexander Igelsböck, Martin Brunthaler, and Andreas Glänzer to ‘revolutionise data-driven marketing’. Adverity’s augmented analytics platform helps customers make intelligent marketing decisions so they can witness better business and marketing performances. In the past 12 month period, Adverity has witnessed growth in annual recurring revenue of more than 100%.

The Series C funding is expected to be used with the goal to accelerate Adverity’s business growth and grow its commercial team which will include investment in R&D, advance their product offerings, and further its commitment to eliminating the marketing-related data challenges faced by small and large businesses.

Nino Marakovic, CEO and Managing Director, Sapphire Ventures commented on the funding saying: “As investors, we are looking for companies that are addressing large market opportunities, are rapidly growing, and have seasoned leadership teams. We believe Adverity is one of those companies, and that they have the opportunity to help all companies become more data-driven in their marketing. We are excited to partner with Adverity and help them deliver on their mission to help businesses become data-driven.”

Based out of Vienna, Adverity, which also has offices in London and New York, powers the marketing intelligence and decisions of world-leading brands and agencies across the world, with their client list including IKEA, Red Bull, Unilever, MediaCom, and IPG Mediabrands.

Adverity has several tech partners to help them deliver their marketing data solution including AWS, Google, Microsoft, and SAP.

It was only last year that Adverity achieved Amazon Web Services (AWS) Digital Customer Experience (DCX) Competency status, making it the first Austrian company to achieve this status.  

In an interview with TechCrunch, long-time Adverity investor Frederic Court of Felix Capital said: “We backed them as marketing is becoming a science with increasing complexity, we see this across all our consumer investments. Take Farfetch,  where there is a dedicated tech team just for marketing. Adverity enables brands and ad agencies to aggregate their marketing data and extract intelligence automatically. I describe it as having a data scientist in a box, where a brand can understand its marketing data and get smart insights effortlessly. Their technology is very strong and their sales have taken off strongly.”