Veritonic has announced it has closed a $7.5 million Series A funding round to expand audio advertising.
Veritonic is a comprehensive audio and analytics research platform. The Series A funding round was led by Lavrock Ventures, with additional investment from Progress Ventures, Greycroft, Lerer Hippeau, and Newark Venture Partners. Lavrock Ventures’ Daniel Hanks will join Veritonic’s board of directors.
Brands and agencies use Veritonic’s platform to research, test, and measure the ROI of audio assets. Those assets include audio logos, audio ads, podcast ads, and more at every campaign stage. The insight allows brands to data-back their investment in audio and podcast advertising while also mitigating risk through optimization. Veritonic recently launched its audio-first Attribution solution to help brands track and measure campaign performance across any app, hosting platform, or listening device.
“An increasing number of brands are viewing audio as a must-have marketing vehicle for reaching and resonating with audiences,” says Veritonic Founder and CEO Scott Simonelli. “Our pioneering and independent analytics and measurement platform takes the guesswork out of audio, helping brands invest smarter, optimize their message, and remain top of mind in an increasingly competitive advertising landscape. This investment is testament to our early, potent leadership, and innovation in this fast-growing sector.”
Veritonic says it will use the Series A funding round capital to support the hiring of top talent and further the development of its end-to-end audio insight and measurement capabilities.
“Insightful data and research from the Veritonic platform allow us to make strategic, informed decisions around every element of our sponsors’ audio campaigns which result in them continuously outperforming our expectations, says Gina Garrubbo, President & CEO, National Public Media.
Audio advertising spending grew by 14.4% last year to U.S. $18.06 billion, the fastest growth rate in 40 years. Additionally, U.S. podcast advertising revenues rose to $1.4 billion in 2021, surpassing the $1 billion mark for the first time. IAB forecasts that the podcast market will exceed $2 billion in 2022 and will be over $4 billion by 2024.