Video advertising start-up Ash TV has bagged an additional £200,000 of investment to expand.
The Hull-based company secured the cash from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
The latest funding will allow Ash TV to further develop its video advertising platform and recruit additional programmers. It follows an initial investment from NPIF–Mercia Equity Finance last year.
Founded in 2016 by Ash Lewis, Ash TV has developed a novel in-browser video advertising platform for mobile devices. The technology is supported by artificial intelligence (AI) software to target advertisements using location and social media data, and provides real-time feedback to clients on the effectiveness of their campaigns.
“This is a planned, welcome next stage in the growth of Ash TV, the financial opportunity from which has already allowed us to appoint three full-time senior developers, whilst also creating the scope for more growth,” Lewis said.
“It is not only an affirmation of the Ash TV business model – it also goes some way to showing the robust nature of the tech scene here in Hull and across the North, where we’re proud to be part of a Northern Powerhouse that is living up to its name.”
Ash TV, which was one of the winners of the 2016 Northern Tech Awards, now employs a team of 11 people in Hull, Germany and the Netherlands, while the platform is increasingly being used by heavyweight agencies, publishers and advertisers.
Earlier this year the company appointed Richard Gregory as its first chairman.
Simon Crabtree, investment manager with Mercia Fund Managers, added: “Ash TV’s platform allows advertisers to stream video directly to people’s mobile phones and increase sales by targeting and engaging the audience more effectively.
“The company has been growing rapidly, with new clients coming on board every month. This latest investment will allow Ash and his team to further enhance its platform and increase capacity as they continue to scale up the business.”
Gareth Saynor and Caroline Walker of CMS provided legal advice to Mercia on the investment.