Sussex Place Ventures, Playfair Capital, Encore Capital and Kima Ventures are leading an investment into London-based tech start-up Admedo.

As a software-as-a-service (SaaS) self-service advertising platform, Admedo is focused on performance-driven tools. Its service is available through free subscription or white label packages. According to Admedo, it provides a way for advertisers and agencies to get a greater return on investment form display and retargeting campaigns.

Of the $2 million investment, $500,000 will go towards speeding up product development, $1 million for overseas market expansion and $500,000 for driving business growth.

Nick Moutter, CEO and founder of Admedo, says that his inspiration for the business was to provide greater control and transparency on where ad spend was going.

‘The industry needs a wake-up call about the lack of accessibility and relevancy of online advertising,’ he adds.

‘We’re pleased to be growing a business that drives the benefits of programmatic to those already investing in online advertising, as well as new worldwide markets.’

Admedo, which was previously known as adizio until a rebrand earlier this year, last raised funds in October 2013 when Kima Ventures backed the company. Prior to that, a £250,000 commitment in February 2013 saw Midven’s Early Advantage fund get involved. Venture capital firm Midven provided £100,000, with the remaining balance coming from Playfair Capital and Doug Scott, owner of dv.co.uk and carrentals.co.uk.

Barnaby Terry, partner at Sussex Place Ventures, comments, ‘The programmatic advertising industry, already worth $17 billion, is expected to double by 2017.

‘This disruptive technology is transforming the way businesses are advertising, and Admedo is well placed to enjoy strong growth.’

New investor Sussex Place Ventures, which has ties with London Business School and was set up in April 2014, is focused on software companies, those developing technology and patent-protectable intellectual property.