The latest round of funding, led by Spruce House Partnership, values VideoAmp at $1.4 billion, the company said
Media measurement company VideoAmp Inc. has raised $275 million in a series F round of funding as it pursues its efforts to take a slice of the media measurement business dominated by Nielsen, the company said.
The round, led by Spruce House Partnership, values VideoAmp at $1.4 billion, the company said. That is a significant increase since 2019 when it reached a $200 million valuation after raising $50 million from Raine Group LLC, according to a person familiar with the matter.
Investors in the latest round, which also include D1 Capital Partners LP, Tiger Global Management LLC, EPIQ Capital Group and Ankona Capital Partners, now collectively own about 17% of the company. That percentage could change if VideoAmp uses a portion of its new funds to repurchase shares from earlier investors, the company said.
VideoAmp helps advertisers target and measure the impact of their ads across platforms such as TV and mobile. The latest round is meant to help the company compress a three-year plan for growth into one year as it aims to serve more clients seeking non-Nielsen measurement tools, said the company's Co-Founder and Chief Executive Officer Ross McCray.
"The ecosystem is asking for alternative currencies," he said, referring to metrics that advertisers and media sellers use to set performance goals and cinch ad deals.
VideoAmp historically sold its media planning and measurement software and tools to ad buyers. Now the company also wants to bolster its operations servicing the media side of the business. The company, which this year increased its headcount to nearly 300 people from about 175, wants to add hundreds of more employees across sales and engineering, among other roles, said Mr. McCray.
Nielsen Holdings PLC has been the dominant player in media measurement for the better part of a century. TV ad buyers and sellers rely on the company's commercial ratings to set goals—reaching a certain number of 18-to-49-year-old men, for example—and close deals based on those targets.
But challenges with Nielsen's traditional TV panel, including a pandemic-related undercounting of viewers, recently prompted the industry's measurement watchdog to pull the company's accreditation for its national TV ratings.
A number of media companies and ad buyers continue to work with Nielsen but have also been pushing for alternative measurement options, especially as TV networks invest in streaming, which allows for new ways to measure TV viewing.
ViacomCBS Inc. this month said it would work with VideoAmp as one option for advertisers to plan, measure and make deals on their campaigns, a departure for a large TV media business that typically relies on Nielsen.
"It was clear to us that the status quo of media measurement and currency is broken and needs to evolve given the size of the market and the technological capabilities available today," said Ben Stein, managing partner of Spruce House.
VideoAmp said it also entered a financing agreement with Capital IP Investment Partners earlier this year for up to $75 million in debt.
To Deliver a Comprehensive Product Lifecycle Platform for Merchants and Their Customers
I started Clyde because I knew the warranty experience was fundamentally broken for customers and retailers. In 2017, before starting Clyde, I was given the challenge of launching the go-to-market for a new consumer product. We had decided that a warranty program was critical to our strategy — I set off to make that happen. No matter how many calls I made or emails I sent to administrators and underwriters — there was no interest in (or even response to) working with a business of our scale. Then, on my way to a music festival with friends, I bought a tent and was sold on the extended warranty. I immediately lost the receipt, the only thing I had proving I bought the warranty, which I was instructed to keep and to "register" three days later. My experience launching a warranty program, to being a consumer using a warranty, was set up to fail from the start.
As an individual, I was having the same negative experiences that countless US consumers have endured. Overpriced protection plans, unnecessary registration processes, no transparency on terms and conditions, and lengthy and confusing claims experiences. I had already personally experienced the challenge of launching a program as a retailer, but the consumer experience was really what needed to be completely overhauled. That came first.
Today, I am ecstatic to announce that we've raised $41M in new funding, including $25M in Series B funding and $16M in working capital. Stepping back and reflecting on how far we've come since the start, I'm humbled by our team's progress. Seeing how quickly an industry as old as the warranty space could be transformed with new ideas and technology is a testament to the needs of modern retailers and consumers. As we announce our Series B today, it's clear that the market was not only ready for a solution like Clyde, but is ready for our next leap — to provide a comprehensive product lifecycle platform to both our merchants and their customers.
Why This Series B Unlocks Clyde's Potential
We have partnered with more than 300 brands and retailers who trust us to improve their product lifecycle programs. This expansive customer list spans a number of industries and verticals, including consumer and household electronics, scooters and e-bikes, furniture and mattresses, appliances and hardware, fitness and sporting equipment, and jewelry and watch brands. The diversity of the companies we work, by size and vertical, validates that our technology can work for any merchant. Clyde's extended warranty solution has an average attachment rate of 18%. That metric, over four-times the industry average, has provided us with credibility to expand the conversation we're having with merchants. I've always been incredibly proud of how "product first" Clyde is and today, fueled by our Series B, I'm excited to allude to the larger platform and mission we're executing on. Stay tuned.
Those conversations are now growing into understanding their products and their customers at a granular level, across a consumer's entire lifecycle. Fueled by our Series B, Clyde is investing in the expansion of our platform by building tools and functionality inspired directly by our merchants. User-inspired functionality ensures that we're solving the most pressing issues facing our merchants today, and the funding itself guarantees that we'll have the resources to deliver.
This funding round was led by Headline, with participation from Vulcan, Spark Capital, Crosslink and other leading investors.
I'm thrilled to report that our team is growing by leaps and bounds and will surpass 100 full time employees by the end of this year, with major team growth planned for 2022. We've built a reputation for providing custom and adaptable solutions to our clients and that level of care and thoughtfulness will continue as our team grows. These additional resources will help us expand into new markets and categories, including growing our international footprint.
In 2017 there was a problem in the warranty space — it was inaccessible, impossible to understand. And slow. So slow. Yesterday, Clyde re-imaged what it meant to launch, manage, and find success with a warranty program. Today, we help our partners launch impactful omnichannel lifecycle experiences, funded by the highest performing warranty programs this space has seen.
G2 has published the Fall 2021 Field Service Management Grid Report and Skedulo was recognized with achievements including:
- Leader in Field Service Management for 14th consecutive quarter
- Leader in Mid-Market and Small-Business FSM Grids
- Momentum Leader in Field Service Management and Workforce Management
Skedulo continues to be recognized for the accelerated implementation periods and return on investment customers experience. In fact, Skedulo customers realize return on investment 14% faster than the average Field Service Management (FSM) customer.
We Are Proud to Support Our Wonderful Customers
Skedulo is proud of positive feedback in recent reviews, including:
"We went from sales reps only being able to see 3 customers a day to up to 7 due to ease of navigation and time calculations. This also reduces the time needed for our appointment setters using the booking grid designed by Skedulo to easily, with 3 clicks, see the availability of all sales reps in the region. We can also subdivide territories by skedulo regions to keep them in distinct areas and reduce unnecessary drive times."
Kristin C, Software Manager
"An excellent user interface, easy to navigate. We are making our scheduling and rosters organized by using Skedulo. Go for it! You won't regret your decision. Possibly the best support team comes free with the product."
Nipun C, Executive Coordinator – Scheduling
"From sales to implementation and ongoing support, we've had such a wonderful experience with Skedulo. They make the time to connect with us and genuinely pay attention to our issues. I love knowing that we have an advocate for our needs."
"What I like best about Skedulo is the Optimizing—it runs smooth and fast. Definitely consider Skedulo it was the best choice for our company. I was manually having to schedule appointments. It reduces a lot of manual time consuming work."Janeisy R - Support Team Lead
Get the G2 Fall 2021 Field Service Management Grid
For complete details on the Field Service Management market and Skedulo's leader ranking, get access to the full G2 Fall 2021 Field Service Management Grid Report. Additionally, G2 provides a full collection of the 197 Skedulo reviews from verified users.
People are the heart of Skedulo, and success—for us, our team and our customers—is a collaborative effort. We are proud of our team's achievements and celebrate them every month with our Skedgend Awards. A Skedgend is a teammate who has been nominated by their peers for consistently demonstrating excellence in our values:
In this series, we share the personal stories of our valued Skedgends who work on the frontline and behind the scenes to help make Skedulo a success.
Leila Watson, Product Designer, based in Brisbane | Skedgend Award Winner, July 2021
How long have you been with Skedulo?
I've been at Skedulo for just over 3 years.
Why did you choose to work with Skedulo?
I was just very excited about the problem space that Skedulo is in. I think scheduling is super interesting. The product we're making is very impactful to our customers, so that's part of the reason why I decided to work here…for those interesting challenges.
What's your favorite thing about your role with Skedulo?
Being able to design for complex problems. Scheduling on the surface seems quite simple, but when you dig deeper it's very complex. I love solving those kinds of challenges; being able to talk to our customers, understanding their pain points and what motivates them, and then – at the end – being able to serve our customers and help make a big impact in their day-to-day life. It's super rewarding and fun.
What does winning the Skedgend Award mean to you?
Really humbling. It's nice to be valued. I think day-to-day you don't really think about the impact you have on your team members, and being nominated for Skedgend just really makes me appreciate the people around me as well.
What stories supported your win for the Skedgend Award?
I think just being there for everyone, helping them out, as well as being able to work on a whole range of design tasks – anywhere from helping from the vision to the day-to-day design details and supporting everyone throughout the team.
What Skedgend values do you feel you embody most?
Caring first and Fearless together are definitely two that resonate with me the most. We care about each other and who we work with, but we also care about our customers and who they serve as well. Caring first and being Customer driven also really resonate with me as a designer.
What motivates you to work hard?
Just knowing what we can deliver to our customers, understanding what their pain points are, understanding their problems, empathising with them, and being able to deliver a solution to help them improve their day-to-day work.
What is your proudest accomplishment at Skedulo?
I've been lucky enough to work on many areas of the product during my time here at Skedulo which has been exciting. Working on the native mobile app has been a highlight for me. Also seeing the whole team evolve and the product evolve to where it is now and where it will go in the future is really exciting.
What's your biggest working from home challenge?
My toddler losing it in the background of a Zoom call. He knows how to open a door now, so he bangs on the door and barges in, touches the computer, touches the mouse, and ruins everything I'm working on so that's fun!
What's been the biggest surprise about working at Skedulo?
I think the biggest surprise for me has just been the people.
Everyone is so caring and supportive, everyone's voice is valued, and we're encouraged to speak up.
What are you most excited about for the rest of the year?
Seeing the mobile app continue to get built. Seeing all the work come to fruition is really exciting.
How does being at Skedulo allow you to be your best self?
I think again it's just the people around you who are really supportive. Everyone gives you a voice – I always feel like my input is valued and I can make a big impact with what I'm doing.