Image credit: Passendo
Copenhagen-based Passendo, a startup that provides email marketing services, announced that it has raised €2.3M in its pre-Series A round of funding. The investment was led by Amsterdam-based VC Newion and UK-based early-stage funding investor FirstPartyCapital.
Newion Partner John Sjölander says, “There are teams that create the opportunities of tomorrow, and then there are teams that transform the world of yesterday. Passendo is doing both: enabling the next generation of advertising for the oldest and largest application on the internet – email. We’re very excited to back this experienced team, our first of many investments to come in Denmark!”
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Funds to increase workforce
Speaking on the development, CEO and co-founder of Passendo, Andreas Jürgensen, says, “The Newion and FirstPartyCapital partnerships will definitely help us grow towards market leadership. Next to their investment, they give us access to a wealth of knowledge and an interesting network. Currently, we are a team of 35 people with offices in Denmark, Belgrade, London, and the US. We actually plan to triple our headcount within the next two years to meet the growing customer demand, especially in the US and UK.”
COO & co-founder of Passendo, Anders Rasmussen, says that the funding will also help the company to continue the development of its technology and build strategic integrations with acknowledged demand partners. “This is important as we aim to be the leading global email Ad serving platform,” he added.
“Igniting the power of in-email advertising”
Passendo was founded in 2016 by Andreas Jürgensen and Anders Rasmussen, two seasoned digital advertising pioneers. The email Ad serving platform claims to help newsletter publishers activate new incremental revenues and gain control over Ads content and quality.
Passendo provides value for publishers and advertisers worldwide, with over 4,000 premium publishing house newsletter inventories globally. Partnering with some of the world’s largest media publishers, Passendo helps them activate new incremental revenues in an existing and untapped media channel, in-email advertising, and reaching new audiences.
For instance, since the Passendo implementation, IDG, an American media, events and research company, says its revenue increased by 454 per cent. Germany-based Ebner realised an 80 per cent reduction of time spent managing their newsletter campaigns.
Publishing houses like Roularta, Springer Nature, the UK-based Reach and the Belgium-based IPM Media make use of Passendo’s email Ad serving platform to increase direct revenues and to efficiently manage newsletter campaigns.
Rich Ashton, Managing Partner at FirstPartyCapital, says, “Passendo offers a focused solution that neither Google nor other AdTech companies can deliver, giving publishers and marketers unique email Ad delivery and measurement capabilities. We’ve been incredibly impressed by the team, and we are excited to work with them to build a global category winner.”
Earlier in January, Passendo announced an expansion into the North American market, partnering with JTG Ventures, a US-based digital media consultancy. Jurgensen says “the partnership will help speed up initial efforts in the North American market, which have proved the case for a larger expansion that will include a dedicated team on the ground in the next phase.”
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