DoubleVerify, an ad measurement and verification vendor, today announced a $350 million investment round led by Tiger Global Management, which is expected to close in the fourth quarter.
The investment in DoubleVerify, which is rumored to be preparing an initial public offering, will primarily be used to buy back shares from existing shareholders. A portion of the investment will be used to support growth in the business, including its connected TV offerings.
“The support of these high-caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” Mark Zagorski, CEO of DoubleVerify, said in a statement.
Fidelity Management & Research Company LLC also participated in the investment round, along with funds and managed and advised by BlackRock and Neuberger Berman Investment Advisers. Providence Equity Partners, which invested in DoubleVerify in 2017, is still a majority investor in the company.
“The DoubleVerify team has consistently executed across all levels of the business,” Davis Noell, senior managing director at Providence and chairman of the board at DoubleVerify, said in a statement. “We welcome the investment by Tiger and these other premier investment firms, and we are excited to continue to support the company.”
DoubleVerify has shaken up its leadership as it looks to bring its ad measurement technology to the fast-growing CTV space, which is expected to reach $10.8 billion in ad spend by 2021 in the U.S., according to eMarketer.
In July, DoubleVerify hired Zagorski, the former CEO of Telaria, a publicly traded supply-side platform that specialized in CTV that is now part of Magnite, to lead its CTV push. Zagorski previously told Adweek that he sees an “opportunity for a company to create a standard around CTV” that could be better than standard-bearer Nielsen.
The company hired GroupM’s former chief product officer, Jack Smith, in August to take on the same role at DoubleVerify. Smith has television ad platforms and is charged with bolstering the company’s CTV offerings.
Earlier this month, DoubleVerify entered into a $150 million revolving credit facility, led by Capital One, after going through a refinancing. The company said only a portion of that credit facility is currently outstanding.
A DoubleVerify spokesperson has not returned Adweek’s request for comment on whether the company has plans to go public prior to publication of this article.