Honeycomb Attracts Beringea as Lead Investment Partner
Honeycomb, the revolutionary video advertising delivery platform, has received a major investment from venture and growth investor, Beringea.
Honeycomb, which was founded and launched by the team behind global advertising delivering platform, Adstream, has already secured backing from heavy hitters in the advertising and production environment, including David Bell, Richard Jameson and John Spearman.
Set up by James Carpenter and Richard Carter, Honeycomb aims to increase transparency and remove inefficiencies in the current advertising delivery process. By automating elements of input and data sharing throughout the delivery chain, Honeycomb at least halves the time it takes for media agencies, post houses and advertisers to place orders and send assets to broadcasters and online publishers. The data-driven platform is designed with the future of programmatic TV and video in mind.
Unlike any of its competitors, Honeycomb’s streamlined approach allows it to offer simple and transparent pricing, with a flat fee for unlimited channels and VOD, across both SD and HD content.
Having completed detailed due diligence of Honeycomb, Beringea selected the innovative new offering to add to its global portfolio. With offices in both the UK and US, Beringea is uniquely placed to offer support to businesses looking to expand into America. Out of £450 million Beringea has under management, £170million is managed from London, making it one of the UK’s biggest evergreen venture and growth capital funds. The team has extensive expertise in digital media, TV and advertising, among other areas, and has recently made further investments in portfolio companies Blis and TV Player.
With this new investment Honeycomb can continue to grow with sustained momentum, funding its roll-out into additional European markets and the U.S., after UK, Ireland, Germany, Austria and Holland.
“This investment from Beringea serves to endorse our approach, our strategy and our overall goals,” said James Carpenter, Founder of Honeycomb. “Our streamlined model has already made an impact in Europe with new customers signing up every day since we launched less than two months ago. This has created a solid foundation to set our sights on the rest of the world.
“We’re not just focused on international expansion though. Our platform lays the groundwork for 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. 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 very near future.”
Moritz Wuttke, COO of Honeycomb, comments: “This latest investment shows the value we are creating for the industry, with a product that is going to revolutionise this sector. As we look toward our expansion into the U.S. and the programmatic TV landscape, we now have the backing to continue to grow at an accelerated speed.”
Maria Wagner, Investment Director at Beringea UK, said: “The knowledge, experience and connections of the Honeycomb team make this a really exciting investment opportunity. It’s rare that you would get the opportunity to back a CEO who has already successfully grown a similar business, but to combine that with leading experts across the worlds of creative, marketing and tech investment provides a huge amount of confidence in the ability of the team to create a globally successful business. We’re proud to be involved with this impressive team and look forward to supporting them on their exciting journey and international expansion.”
Officially launching in August 2016, Honeycomb has been operational since Summer 2015, when it partnered with one of the UK’s leading broadcasters to operate the syndication of content, implanting Honeycomb within their existing systems.
Honeycomb is now available to advertisers in the UK, Germany and Austria.