US ad tech platform Flite has joined forces with a global leader in digital advertising solutions – following a cash boost from a major pan-European venture capital investor.
Flite enables real-time updates to live campaigns, allowing agency teams to publish fresh content to their display ads as quickly and easily as they would for their clients’ websites or social media pages.
The global partnership will see the Flite platform roll out to the Publicis Groupe network of agencies.
Millions Invested Into New Partnership
The announcement coincides with a recent investment round led by Iris Capital - the venture capital investment company sponsored by Publicis Groupe and Orange; with participation from Flite’s current investors, including Sequoia Capital, Hummer Winblad Venture Partners, General Catalyst and Condé Nast.
The investment figure is thought to be about $9 million.
VivaKi’s chief strategy and innovation officer, Rishad Tobaccowala, said Flite will allow its clients to publish content and ‘tell stories’ that leverage social, mobile and API’s, and do so in a cost effective and agile way.
“Recent acquisitions of similar companies were quite bullish (Buddy Media for $745 million and Vitrue for $300 million)," Tobaccowala said.
"Flite is in an even better strategic position in the market of paid media publishing. This market is still in its infancy, with potential to be massive."
Chief executive officer of Flight, Will Price, said the partnership with VivaKi and the investment by Iris Capital/Publicis is a ‘huge’ commercial, financial and institutional validation of Flite’s work with the world’s top brands.
“We look forward to continuing to work closely with our partners to deliver compelling, relevant advertising for our brand clients,” Price said.
Paris-based Iris Capital, which was founded in 1986, targets service or technology companies seeking growth capital.