Pires Investments plc provided an update on its investment in Sure Valley Ventures (SVV) in connection with Admix, an SVV portfolio company, which has developed a programmatic monetization platform for developers of games and other entertainment.
Two years after its initial seed funding, London-based start-up Admix extended the Series A funding round announced in June 2020, raising an additional $ 1.5 million from strategic gaming investors, bringing the total to $ 8.5 million.
Marcus Segal, former COO of Zynga Studios and Nigel Morris, former CEO of Dentsu Aegis, have joined the round, along with a number of unnamed executives working in the gaming and advertising industries in which Admix operates.
Pires has an approximate 13% stake in SVV. SVV is a venture capital fund focused on investing in the software technology sector with a particular focus on artificial intelligence, Internet of Things and immersive technologies.
“Only two years after its initial seed funding, this extension to the funding cycle announced earlier this summer demonstrates the enthusiasm that currently surrounds Admix’s platform for game and entertainment developers. In-game advertising, a substantial and developed market, has seen tremendous growth due to the COVID-19 pandemic and we expect this trend to continue in the years to come, ”said Peter Redmond, President of Pires.
“We believe Admix’s new approach to large-scale game advertising positions the company perfectly to benefit from the increased demand in this market. The additional funding and inclusion of notable industry figures participating in this extended fundraiser will undoubtedly allow Admix to continue its rapid growth and as such we look forward to updating the market with the advancements. Admix in due time, ”added Peter Redmond.