A week after it filed its S-1 proclaiming its intention for an initial public offering, Outbrain has announced a $200 million investment from Baupost Group, a hedge fund led by celebrated investor Seth Klarman.
The news comes just weeks after several ad tech companies, including Outbrain-rival Taboola, IronSource and Integral Ad Science, all debuted on the public markets with each of them achieving multi-billion dollar valuations.
In a statement, Outbrain revealed that Citigroup and Jefferies advised with the company’s co-CEO David Kostman, who claimed his outfit and Klarman’s Baupost Group share the same “vision and commitment for [their] business and future prospects.”
In its latest financial filings, Outbrain revealed that it generated $228 million in revenue during the opening quarter of 2021, up from $177 million 12-month’s earlier, with the sector proving increasingly popular with investors.
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