We’re extremely happy to announce that we recently closed a new round of funding. The round of 20MSEK (approx $3M) was led by Industrifonden, that built and recently sold multi-billion-dollar analytics company QlikTech. More on what this means for our customers, for you (speaking of which, we’re hiring!!!) and the world in general is the topic for an upcoming post. But it’s all exciting stuff we can promise you that much!
For those of you who cannot wait, here’s our politically correct press release :)
BURT GETS SWEDISH INVESTMENT FOR GLOBAL EXPANSION
June 30, 2011 – Burt, the online advertising software developers, has received a SEK 14 million (€1.6 million) investment from Swedish investment company, Industrifonden. Burt founders, Gustav von Sydow and Gustav Martner, along with the investment firm Tornstaden will also contribute to a total share profile of SEK 20 million (€2.2 million). The funds will be used to directly prepare the company for international expansion and further develop Burt’s analysis platform, Rich.
Burt was established in Sweden in 2009 and in the past year has grown from a team of two to a team of 24 employees. The international expansion will see Burt opening offices in the UK and the USA as well as retaining its Swedish operations.
Burt was founded in 2009 by ad men and entrepreneurs Gustav von Sydow and Gustav Martner. The company’s award-winning products to make online advertising more entertaining, intelligent and profitable have gained attention at conferences such as Techcrunch50, DEMO, Cannes Lions and Web 2.0.
Burt is currently developing Rich, a tool to help leading brands, creative agencies and media agencies to measure, analyze and improve online advertising. With Rich, users can easily analyse the environments where ads are displayed, see how many other ads are on each page and which ads have been seen by users. The information generated by Rich is extremely valuable to both ad buyers – who can compare online with broadcast and print advertising – and media agencies, who gain greater control over their most important digital revenue source, a market worth over 50 billion US dollars.
Released in 2010, Rich has already analyzed over ten billion ads and has been used by SAS, Bonnier and Stampen, among others. In addition, pilot projects are under way in a number of other markets in collaboration with world-leading creative agencies.
Johan Englund, Investment Manager at Industrifonden, says:
“There are no powerful tools available today that are totally focused on analysing online ads. Without such insight, the industry is wasting ad spending, lower advertising revenue and giving a poorer user experience. Burt is the first company to give us these tools and offer real user insight into how online can really influence consumer habits.”
Gustav von Sydow, CEO of Burt, says:
“We are very pleased to have Industrifonden as an investor. Their financial strength, combined with having built QlikTech into a world leader in analysis, will give us the opportunity to accelerate our expansion and boost our capacity to handle our waiting list of customers.” He continues, “Agencies need to be quicker to respond to results. We can’t wash our hands of an online campaign the minute it goes live. The beauty of online is that changes can be made based on initial responses. Our tools have been specifically designed to facilitate this rapid and informed response.”
About Burt (www.burtcorp.com)
Burt makes software for the advertising industry. The company was founded in 2009 to address the glaring gap between what Internet technology can do and what agencies are actually doing with it. Burt’s products are the result of first-hand experiences in creating and producing award-winning campaigns for Google, Volkswagen, and Red Bull, amongst others, at the European offices of one of the world’s best agencies, Crispin, Porter + Bogusky. Based on this hands-on experience, Burt is in a perfect position to create tools that make it cheaper and easier for agencies to squeeze out everything the Internet has to offer.
About Industrifonden (www.industrifonden.se)
Industrifonden invests in small and medium sized Swedish companies with international growth potential. The Fund has assets of more than SEK 3 billion, of which SEK 1.5 billion is invested in around 80 companies in technology, cleantech, life science and industry.