Denmark-based Passendo, a leading ad tech company specializing in Programmatic Email Advertising (PEA), raised 2.3 million euros on 13th December.
Investors: The investment round was led by Amsterdam-based VC Newion with UK-based early-stage funding investor FirstPartyCapital.
Purpose of funding: The funding will accelerate growth through various means. The startup will focus on accelerating operations and building world-class technology that prioritizes customer experiences. With its expansion plan, the startup plans to triple its headcount within the next two years to meet the growing demand for its services, particularly in the US and UK.
About Passendo
Founded in 2016 by Anders Rantzau Rasmussen, and Andreas Jürgensen, Passendo is located in Copenhagen, Denmark. Passendo is a leading ad tech company specializing in Programmatic Email Advertising (PEA). It is a platform used by newsletter publishers and businesses to generate new revenue and control the quality and content of advertisements delivered. It also offers email services for SMEs to promote their brand. By partnering with the world’s largest media companies, Passendo can contribute to revenue growth and reach new audiences in an existing but untapped media channel. Globally, the startup offers over 4,000 premium newsletter inventories from publishing houses that publishers and advertisers can leverage.
What the founders have to say
“Our customers will benefit directly from this funding. It will allow us to keep developing world-class technology and to continue building strategic integrations with acknowledged demand partners. This is important as we aim to be the leading global email ad serving platform,” said Anders Rasmussen, COO & co-founder at Passendo.
“The Newion and FirstPartyCapital partnerships will definitely help us grow towards market leadership. Next to their investment, they give us access to a wealth of knowledge and an interesting network. Currently, we are a team of 35 people with offices in Denmark, Belgrade, London, and the US. We actually plan to triple our headcount within the next two years to meet the growing customer demand, especially in the US and UK,” said Andreas Jürgensen, CEO and co-founder at Passendo.
What the investors have to say
“There are teams that create the opportunities of tomorrow, and then there are teams that transform the world of yesterday. Passendo is doing both: enabling the next generation of advertising for the oldest and largest application on the internet – email. We’re very excited to back this talented and experienced team, our first of many investments to come in Denmark,” said John Sjölander, Partner at Newion.
“Passendo offers a focused solution that neither Google nor other AdTech companies can deliver, giving publishers and marketers unique email Ad delivery and measurement capabilities. We’ve been incredibly impressed by the team, and we are excited to work with them to build a global category winner,” said Rich Ashton, Managing Partner at FirstPartyCapital.
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