The European Investment Bank enables a loan facility of up to SEK 82,9millions (€8million) to the Swedish based online AdTech innovator DanAds.
DanAds is the advertising industry’s leading provider of self-service technology.
The European Investment Bank (EIB) has signed a loan agreement of up to SEK 82 895 000 millions (i.e. EUR 8 millions) with DanAds from Sweden. The advertising technology (AdTech) innovator DanAds has developed a cost efficient self-service advertisement booking platform for large publishers on a ‘’white label’’ basis (i.e. seamlessly embedded into the publisher’s website using its branding and design). The platform allows these publishers to accept small and medium-sized enterprise (SME) clients who would not be profitable to sell advertising space to otherwise.
DanAds helps to give SMEs access to advertising space that they would otherwise be locked out of due to their small advertising budgets. It thereby boosts innovation, growth and job creation. The company’s strategy depends on significant RDI investments in order to lead the technology development. The EIB financing of this early stage company allows the latter to fund its investment plan, and to benefit from a positive crowding-in effect for other investors.
“In the Digital Decade ahead, the IT economy in Europe is decisive for jobs, growth, for greening the economy, and for EU’s positioning in the world.” said EIB Vice-President Thomas Östros. “Therefore, the EIB’s support to IT service industries is crucial, with an eye to both the green and digital transition. With its new platform, DanAds’ online services can be an important factor in reaching the EU’s target for boosting the digital industry, and for SMEs to gain traction for their business, enhance their brand, and attract more capital.”
Istvan Beres, Co-founder and CEO at DanAds said: “’We are proud to have the EIB-backing in our efforts to give media owners a fully automated, white-labelled IT infrastructure, thus reducing costs for SMEs. We’ve gone through EIB’s extensive screening process and see it as a quality stamp to have the backing of such an esteemed institution. This gives us the opportunity to invest into growth and secure our long term strategic goals.”
Anders Borg, Chair of the board of Directors at DanAds said: “EIB plays a crucial role to foster a dynamic start-up cluster in Europe. European competitiveness has to be built on fast growing tech-companies and no other institution can play a more important role than EIB. It has been a pleasure to build a common partnership. DanAds is a fast growing company and with the support of EIB we can accelerate our leadership in self-service.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.