DoubleVerify Raises $350M for Brand Safety & Ad Fraud Prevention

Platforms that rely on advertising revenue often encounter difficulties when advertisers lack control over ad placement; the recent ad boycott targeting Facebook, as well as similar actions against YouTube and other platforms, demonstrate the potential consequences. Technological solutions are emerging to address this issue, and today, DoubleVerify, a company dedicated to enhancing the relationship between advertising and its environment, has announced the successful completion of a significant funding round, securing $350 million to further its development efforts.

DoubleVerify offers a suite of tools designed for advertisers, brands, marketplaces, and publishers—with established clients including Facebook, which integrates its services into its advertising analytics dashboard. The company’s technology identifies ad fraud (confirming that ad spend reaches genuine users rather than automated bots), assesses “viewability” (ensuring ads are displayed correctly across various devices), and safeguards brand reputation (preventing ads from appearing alongside inappropriate content, such as misinformation).

The investment round was spearheaded by Tiger Global, with participation from Fidelity, funds and accounts managed by BlackRock, and funds advised by Neuberger Berman Investment Advisers LLC, among others. DoubleVerify confirms that Providence Equity Partners, which initially acquired a controlling interest in 2017, will remain the majority stakeholder. While the company has not disclosed its current valuation, PitchBook data indicates a $300 million valuation following the 2017 Providence investment.

The company stated that the new capital—expected to be fully allocated in the fourth quarter of 2020—will be primarily used for secondary transactions, allowing existing shareholders to sell their shares, with a portion also dedicated to investing in the company’s growth, particularly in emerging areas like connected TV analytics.

“The confidence demonstrated by these prominent investors underscores DoubleVerify’s positive trajectory, including gains in customer acquisition, advancements in product innovation, and expansion into new global markets,” stated Mark Zagorski, CEO of DoubleVerify, in a press release. Zagorski assumed his role in July of this year, previously holding a position at The Rubicon Project.

DoubleVerify’s growth is occurring during a critical period for online media.

Websites that depend on a combination of advertising revenue and user-generated content are navigating complex challenges, particularly in light of the recent surge in misinformation surrounding Covid-19, the US elections, and growing concerns about social issues like racial injustice.

These platforms aim to maintain traffic and user engagement, but this often means confronting controversial material that can damage relationships with brands and advertising partners who wish to avoid association with such content.

Despite ongoing efforts to refine terms of service, content policies, and moderation practices, these platforms frequently struggle to effectively filter problematic material (and this challenge is compounded by the presence of bots, which drive activity and falsely inflate viewership numbers for advertisements).

Companies like DoubleVerify fulfill a dual role. They empower both brands and platforms with greater visibility and control, while also providing a demonstrable commitment to quality improvement through the use of independent, third-party solutions.

“We are excited to collaborate with Mark and the entire DoubleVerify team as they continue to expand their business on a global scale,” said John Curtius, Partner at Tiger Global, in a statement.

Increasing attention is being directed towards brand safety and related concerns, driven by the proliferation of problematic content and subsequent advertiser responses. Other companies investing in solutions to address these issues include Oracle, AppLovin, and Cheq.

“The DoubleVerify team has consistently delivered strong results across all facets of the business,” added Davis Noell, Senior MD at Providence and Chairman of DoubleVerify’s board, in a statement. “We are pleased to welcome the investment from Tiger and these other leading investment firms, and we look forward to continuing our support of the Company.”

This investment follows the recent establishment of a new $150 million revolving credit facility, led by Capital One.