Less than 3 months after announcing a $7 million Series A in Q2, in-play ad company Admix has announced a round extension from strategic investors, bringing the total round to $8.5 million.
Marcus Segal, previously COO of Zynga Studios and Nigel Morris, previously CEO of Dentsu Aegis, are joining the round. Investors also include executives at various game and advertising companies.
This comes at a time where games, pushed by popular franchises such as Fortnite, League of Legends or Animal Crossing, are becoming part of mainstream culture and transitioning from a popular activity to a popular media, which is, in turn, attracting advertisers as other traditional media declines.
The lockdown has accelerated the adoption of games across households, which is now 40% of the daily content consumption of consumers aged between 18 to 34. Admix is positioning itself as the infrastructure for brands to engage this demographic, and has grown exponentially throughout the crisis, with MRR growth of 10x compared to January.
According to Sam Huber, Admix’s CEO, the extra funding was not planned, but the company received many offers to take more funding following the Series A announcement that they decided to bring strategic capital in – and even had to turn away money.
We decided to bring forward some elements of our roadmap to be in a position to scale faster as the gaming market explodes. We’re the only company approaching the media of gaming as an infrastructure play rather than a sales play, so our priority is to keep building a scalable platform to monetise games, while maintaining the user experience in-play.
Sam Huber, CEO, Admix
The extra funding will be used to accelerate the development of Admix’s stack for game publishers, and grow their tech team to 30 developers by the end of 2020.