Total amount raised
$185.8 Millions
Latest funding date
01/01/2023
Location
MNTN has successfully raised funding through multiple rounds, with notable investors including Bonfire Ventures and BlackRock. The platform specializes in Connected TV (CTV) advertising, offering advanced targeting, measurement, and optimization features.
Keep reading to explore the intricacies of MNTN's fundraising journey and the investors backing this innovative platform.
What Is MNTN?
MNTN, founded in 2009, is a Connected TV (CTV) advertising platform based in Austin, Texas. The company specializes in performance marketing, offering advanced targeting, measurement, and optimization features to enhance marketers' performance goals.
The platform was co-founded by Brooke Partelow and Mark Douglas. MNTN has grown significantly since its inception and now employs between 251 and 500 people.
With a focus on democratizing TV advertising, MNTN combines the impact of traditional TV with the performance capabilities of digital channels, making it accessible and affordable for businesses of all sizes.
How Much Funding Has MNTN Raised?
- Seed Round
- Amount Raised: $1.3M
- Date: October 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial development of its CTV advertising platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial market reach.
- Series B
- Amount Raised: $6.3M
- Date: December 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance product features.
- Series B
- Amount Raised: $8.3M
- Date: July 2012
- Lead Investors: Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and improve technology infrastructure.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: May 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
- Series C
- Amount Raised: $49M
- Date: December 2015
- Lead Investors: Mercato Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund strategic initiatives and acquisitions.
- Series D
- Amount Raised: $119M
- Date: February 2022
- Lead Investors: BlackRock, Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in platform enhancements and capitalize on the growing CTV market.
- Seed Round
- Amount Raised: $2M
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
Total Amount Raised: $185.9M. Current Valuation: Not publicly disclosed.
Key Investors
- BlackRock
- Details: BlackRock is one of the world's largest asset management firms. They manage a wide range of investment products, including equities, fixed income, and alternative investments.
- Investment Focus Areas: Equities, fixed income, real estate, alternative investments
- Notable Investments: Apple, Microsoft, Amazon
- Fidelity
- Details: Fidelity Investments is a multinational financial services corporation known for its mutual funds and investment management services. They offer a variety of financial products and services, including retirement planning and wealth management.
- Investment Focus Areas: Mutual funds, retirement services, wealth management, life insurance
- Notable Investments: Uber, Airbnb, SpaceX
- Mercato Partners
- Details: Mercato Partners is a growth equity firm that focuses on investing in high-growth companies. They provide capital and strategic support to help businesses scale.
- Investment Focus Areas: Technology, consumer, food and beverage
- Notable Investments: Stance, Cradlepoint, Sphero
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated, a multinational corporation known for its semiconductor and telecommunications products. They invest in innovative technology companies.
- Investment Focus Areas: Mobile technology, 5G, AI, IoT, automotive
- Notable Investments: Zoom, Waze, Fitbit
- Greycroft Partners
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies. They focus on technology and media sectors.
- Investment Focus Areas: Technology, media
- Notable Investments: Venmo, The RealReal, Scopely
What's Next for MNTN?
MNTN stands at the cusp of a significant opportunity, driven by the explosive growth in Connected TV (CTV) viewership and ad spend. With the market projected to reach $29.5 billion by 2024, MNTN can leverage its recent acquisitions, such as Maximum Effort and QuickFrame, to innovate and expand its offerings. The company's self-serve platform and real-time performance measurement capabilities position it well to attract more advertisers and partnerships with major streaming networks.
Future fundraising opportunities appear promising, especially given the strong backing from BlackRock and Fidelity. These investments suggest potential for additional funding rounds to further enhance MNTN's platform and market reach. However, the company may face challenges such as competition from other CTV advertising platforms and the need to keep up with rapid technological advancements and changing viewer preferences.
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