Covatic Receives €4.6 Million Investment

Covatic, a developer of a privacy-first audience targeting solution, announced that it has raised €4.6 million in a Series A funding round led by Manchester-based venture capital investor Praetura Ventures. Other investors include Creative UK's Creative Growth Fund and Comcast.

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Covatic, Audience Targeting Solution Developer, Receives €4.6 Million Investment

Covatic's solution enables personalized targeting in a future-proof and ethical way. The investment will be used to further develop its solution while bringing its technology to the global advertising and media market. Covatic's anonymous and privacy-first technology helps brands understand their target audience without collecting or sharing individual consumer data. Individual consumer data is kept on the user's device and not sent to the cloud.

Content consumption, device characteristics, inputs and sensor data are mapped to audience segments to determine when, where and how an individual interacts with content. This information enables brands to effectively reach target audiences by creating segment profiles and predicting consumer behavior. In 2020, Covatic joined the Comcast NBCUniversal LIFT Labs Accelerator program, which provides mentorship and business development to senior executives at Comcast, NBCUniversal and Sky. Through this program, Covatic was able to continue its innovation process and apply its solutions to global brands.

Covatic, a certified B Corp company based in Birmingham, places great importance on sustainability and employee opportunities. The company's business strategies focus on these values. Covatic actively collaborates with media companies, universities and local organizations to encourage innovation and investment outside London.