GumGum, an ad-tech company specializing in contextual advertising and hoping to capitalize on the decline of the cookie in online media, today announced a $22 million Series D funding round.
Investor Morgan Stanley participated along with NewView Capital and UpFront. The new funding brings the company’s total to $58.6 million, according to GumGum’s Crunchbase profile.
In a statement, the company boasted “record” revenues of $155 million in 2019 and said it would release two new products this year including a new in-video ad unit.
In the same statement, GumGum CEO Phil Schraeder was bullish about his company’s prospects as the industry prepares for the decline of the cookie given its array of contextual advertising services.
Schraeder, who took over as CEO from GumGum founder Ophir Tanz in mid-2019, also appointed veteran CMO Lisa Licht, formerly a marketing leader for brands including Fox, Hasbro and Yahoo, to GumGum’s advisory board. “Lisa’s experience transforming businesses and inspiring creative innovation at some of the world’s most successful companies will be an asset to GumGum and our partners,” Schraeder said.
Licht said in a statement that GumGum has “outpaced the market in terms of growth year after year, maintained profitability and now there’s an obvious inflection point at hand for contextual advertising in digital.”