The advertising technology company exited the portfolio following a secondary transaction by LDC
Beringea, the transatlantic venture capital investor and manager of the ProVen VCTs, has exited its investment in Blis following a secondary transaction by LDC, a British private equity firm. Beringea’s U.S. and the ProVen VCTs both held equity stakes in the company; terms of the deal were not disclosed.
Blis provides personalized digital targeting and performance without relying on personal data, serving up relevant ads to the highest-value, addressable audiences across any channel.
The ProVen VCTs initially backed the business in 2008, before the Beringea U.S. funds co-led a 2012 investment round to catalyze further product development and international market growth, including expansion of its Midwestern U.S. presence. Beringea’s U.S. funds subsequently participated in a $25 million growth round in 2016, and the global investment team has provided support to strengthen Blis’ growth throughout its key sectors and geographies.
Charles Rothstein, founding partner of Beringea U.S. and former board member of Blis, commented: “Blis has pioneered the use of privacy-first ad targeting, an especially important feature as brands face unprecedented challenges to ad delivery in a “cookie-less” environment. We wish the Blis management team well as they continue their exciting plans for growth.”
Karen McCormick, Chief Investment Officer of Beringea U.K. and former board member of Blis, commented: “Over the course of our partnership with Blis, the business has firmly established itself as a global success story, bringing vital innovation to the worldwide advertising industry. The ProVen VCTs were able to provide on-the-ground support and strategic insights that have bolstered this transatlantic growth. LDC recognized and rewarded the dynamic position that the company now finds itself in, and we’re happy to end our involvement with the business with this successful conclusion.”
"The investment from LDC marks a hugely exciting moment for Blis," said Greg Isbister, CEO of Blis. "I'm proud of everything we achieved in the past 18 years, and I'm looking forward to accelerating our growth plans in partnership with LDC. We have an incredibly dedicated and passionate team focused on the company's growth and ready to help the industry move forward in the right direction. LDC believes in our promise as the audience-first platform that doesn't rely on personal data, and their unparalleled expertise will, undoubtedly, help Blis to continue expanding globally."
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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