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Supportive venture capital
Meridian investee company Blis (formerly BlisMedia) has announced its $25m funding round, allowing their plans to both expand its existing ad-tech services into the USA as well as target new verticals for its location technology.
Blis is headquartered in the UK and is a market leader in demographic and
location based mobile marketing campaigns. Other investors include Unilever
Ventures, Endeit Capital, Beringea (UK & USA) alongside additional credit
facilities provided by Silicon Valley Bank.
Meridian has been actively involved at Board level and has invested in the business in three separate rounds including the $1.4m round which they cornerstoned with Beringea in May 2012. During this time the business has opened up 8 offices in APAC, EMEA and the U.S.A. and the company has grown from 10 employees to c.130.
This latest $25m round will see the new investors Unilever and Endeit appointing Directors to the board and the Meridian Director, Darren Thompson resigning from the board.
CEO Greg Isbister comments “I've known Darren and Meridian since 2012 when Meridian made an investment in Blis and Darren joined the Board. They have been a great partner to work with and have helped us on our journey to c. 100% yoy growth since they became part of the business. Darren is exceptionally level headed and his advice is always held in very high regard by the Board. He has guided us through several equity rounds as well as advised on a significant working capital facility with a major international bank.”
Blis plan to use the investment to assist in continued expansion into new markets focusing on the US, whose location-based ad market alone is predicted to be worth £11.3bn in 2016 growing to $26.7bn by 2020. It will also be used to enhance Blis's core data engineering capabilities as well as the development of new product features.
From a total £3.5m funding to date Blis have built a significant global business with revenues expected to take them well over £20m by the end of the year. This is in complete contrast to other big brand competitors and stands then in great stead as they set their sights on the US market.