Member Article

Ad management platform secures £3m Series A just three months after launch

London-based TV and video advertising management platform, Honeycomb, has closed a £3m Series A round despite only officially launching in August.

The round, which follows a £1m friends and family funding round in May, was led by growth investor Beringea and included contributions from some big name backers including AOL and Verizon advisor David Bell, Chairman of Framestore John Spearman and former CFO of Tag-worldwide Richard Jameson.

Honeycomb, which officially launched in the UK in August, aims to streamline the process that media agencies and post-production houses have to go through to get their adverts on TV or online platforms.

Championing its simple pricing structure, which includes a flat-rate fee for Video on Demand (VOD), standard and high definition adverts, the firm claims its platform halves the amount of time it takes to place orders and submit adverts to broadcasters and online publishers.

Founders James Carpenter and Richard Carter have been developing the platform since 2014, and the service has already expanded to Germany with further global expansion planned following this new round of funding.

Carpenter commented: “The investment from Beringea serves to endorse our approach, our strategy and our overall goals. Our streamlined model has already made an impact in Europe with new customers signing up everyday since we launched less than two months ago.

“This show of confidence provides the solid foundation we need as we set our sights on the rest of the world.”

Ultimately, the startup has set its sights on spearheading the introduction of ‘programmatic TV’, a targeted and automated system of TV advertising akin to how slots are purchased online, with a greater focus on audience data instead of ratings.

“Our platform lays the groundwork for addressable and eventually programmatic TV - a more targeted and automated method of buying TV adverts which allows a purchase based on audience data rather than ratings of specific channels or shows,” Carpenter added.

“This is a widely talked about but unrealised concept. But with the support of our partner clients, our individual investors, and now Beringea, we have the capability to bring this technology to market in the near future.”