Big news: Madhive (Screen Wars Podcast # 39) announced a $300M funding round from Goldman Sachs at a ≈ $1B valuation.
Key details for Madhive:
1) Founded in 2015 (originally as Otter TV)
2) ≈ 200 employees
3) ≈ $125M in 2022 revenue
4) $7M in capital raised over 2 previous funding rounds
Why this matters #1: This is one of the largest ad tech deals over the past 18 months.
Why this matters #2: This is another vote of confidence for local convergent TV. Madhive and Simpli.fi (Screen Wars Podcast #49) built massive businesses with little capital raised. Two billion-dollar companies built with ≈ $30M in capital! Our team at Cross Screen Media plans on being #3 while only adding $2.3M in capital 🙂
Bottom line: Local + CTV = Huge Market
Quote from Spencer Potts – CEO @ Madhive:
“There’s a world where you could actually get a local result and, almost in real-time, move your budget around nationally to get higher outcomes for lower expenses.”
Flashback #1: Now Streaming: The Future of Local TV is Here
Flashback #2: 55 Billion Reasons to Care About Local Video Ads
Video: MadHive Almost A Unicorn With $300 Million Goldman Sachs Investment
