Funds will drive AI developments, international expansion and talent acquisition
Leading Montreal-based advertising technology company, district m, announced that it has secured $12 million investment to fuel future growth. This second round of funding comprises an entry investment of $9 million from Investissement Québec (IQ) and a new investment of $3 million from the Fonds de solidarité FTQ, a financial partner since 2016.
This round of funding brings the total amount invested over the last two and a half years to $20 million. The funds will be used to help fast-track the growth strategy of the business through the hiring of additional, highly talented individuals. Particular growth will happen in the tech team whose mandate is to further evolve the artificial intelligence and machine learning capabilities for the district m portfolio of solutions. This along with the evolution of the ‘go’ SaaS platform and numerous other development projects are aimed to take programmatic advertising for SMBs, advertisers and publishers to the next level.
In addition, district m will further strengthen its existing footholds in Canada and the U.S. as well as continue to expand internationally through both organic and acquisitive avenues. Having achieved exponential revenue growth of 1335% between 2014 and 2018, this investment enables district m to commit to doubling the company’s revenues over the next 24 months.
“We are thrilled to welcome IQ, which is a highly reputable institutional fund in Québec with a phenomenal investment portfolio and numerous valuable partnership opportunities.” said JF Côté, co-founder and CEO of district m. “The Fonds de solidarité FTQ has been an excellent partner for district m since first investing two and half years ago, a period during which we have delivered exceptional growth. We are thrilled to be partnering with these two great firms as we move into a new chapter.”
“Investissement Québec is proud to partner with district m, a young company that is firing on all cylinders. We will support them in implementing their growth plan, and we’re delighted to be able to help bolster the company’s position as a key player in its industry, while creating high-value-added jobs,” noted Pierre Gabriel Côté, President and Chief Executive Officer of Investissement Québec.
“This is a transformational time for the advertising industry, and we are very proud to continue supporting district m as they enter a new phase of growth.” said Alain Denis, Senior Vice-President for Venture Capital at the Fonds de solidarité FTQ. “They are aiming for global growth by using their local market leading position as a platform from which to grow their international presence. We are thrilled to be a part of helping district m realize that goal!”