Advent invests PE-backed Seedtag with EUR 250m-plus deal

Co-founders and co-CEOs, Jorge Poyatos and Albert Nieto, will continue as investors, leading the business from both its Spanish and US headquarters, according to a press release.

Oakley acquired a minority stake in the business by investing USD 40m in September 2021. The Series B investment was intended to support the company's US expansion and the development of its AI-based technology. The GP invested via Oakley Capital Origin Fund, which held a final close in January 2021 on EUR 455m, according to Unquote Data. The vehicle deploys equity tickets of EUR 10m-EUR 50m, investing in technology, consumer and education companies with enterprise values of up to EUR 100m.

Led by Oakley Capital, the funding round, in which Adara Ventures and All Iron Ventures also participated, followed on from Seedtag's USD 5.2m Series A round in 2017. Spain-headquartered venture capital firm All Iron Ventures has previously invested in Seedtag via All Iron Ventures I FCR, according to Mergermarket.

Seedtag intends to use the funds to further scale its contextual AI technology, LIZ, as well as for innovation and worldwide operations, advancing its expansion into the US and for further M&A activity. Growth in the US is a key strategic focus, with Nieto relocating to manage the company's offices in New York, Miami, Chicago and Los Angeles.

The company acquired Germany-based digital advertising company Recognified in February 2021 with the aim of consolidating its presence in Europe. Most recently, it acquired French adtech company KMTX (previously Keymantics) in June 2022, which is specializing in building AI models for performance marketing campaigns.

Company
Founded in Madrid in 2014, Seedtag is a contextual advertising company that creates visual content for publishers. The company’s contextual AI does not rely on the use of third-party cookies, meaning that it collects consumer data and allows companies to target priority audiences without using browsing history. The company has more than 300 employees and offices in Spain, France, Italy, UK, Benelux, Germany, Mexico, Brazil, Colombia, United Arab Emirates, Argentina, Chile and the US.

People
Seedtag − Jorge Poyatos and Albert Nieto (co-founders and co-CEOs).
Advent International − Gonzalo Santos (managing director and head of Spain).

Advisers
Seedtag – LionTree (corporate finance), Kirkland & Ellis (legal).
Advent – Uria (legal), Citigroup (corporate finance).

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• Topics
• Southern Europe
• Technology
• Expansion
• Advent International
• Oakley Capital
• Adara Venture Partners
• Spain