Austria-based marketing intelligence software provider Adverity secured $30m on Tuesday in a series C round featuring enterprise software producer SAP’s corporate venture capital subsidiary, SAP.io.
The round was led by Sapphire Ventures, the VC firm spun off by SAP in 2011, and included Mangrove Capital Partners, Felix Capital and AWS Gründerfonds. It increased Adverity’s overall funding to $50m since it was founded in 2014.
Adverity has built a software platform that helps marketers convert siloed data into usable information. It will spend the capital on hiring more technology and commercial staff, in addition to research and development as it looks to upgrade its product range.
Alexander Igelsböck, Adverity’s co-founder of Adverity, said: “Our platform plays a crucial role in helping enterprises become agile, empowering digital teams with intelligent insights.
“It is imperative we invest in evolving and developing new solutions, improving access and quality, and tackle the challenges of data complexity. With the support of Sapphire Ventures, we are confident we will continue to accelerate our company growth and enable businesses to be successful by generating real value out of marketing data.”
Mangrove Capital Partners led the company’s $3.9m series A round in April 2018, investing with Speedinvest, 42cap and AWS Founders Fund, before all four returned for a $12.4m series B led by Felix Capital and also backed by SAP.iO and Sapphire Ventures, in April 2019.
