Those of you who have followed our history may remember that it was a shared angel investment in Dave Morgan’s pioneering Internet advertising company, TACODA, that led to the formation of Union Square Ventures, so we are doubly pleased to have led the most recent financing in Dave’s current company, Simulmedia.
Simulmedia was founded 10 years ago to bring the efficiency and measurability of Internet advertising to television, but it has only been in the last year that advertisers and media owners have begun to seriously embrace that potential. This transition is driven in part by an increasing awareness on the part of advertisers that, despite its target-ability, advertising on Google and Facebook does hit a point of diminishing returns, and in part by advances in targeting technology and media availability in television and premium video. In the last year, this positive development has been clearly visible in Simulmedia’s accelerating sales and profitability.
We have been investors in Simulmedia since its inception, but the recent opening in the market and acceleration of their sales created the perfect opportunity for us to increase our commitment to the company by leading the Series E financing from our 2019 Opportunity Fund.