A Series A funding round worth £3 million has been raised by video engagement technology business Rockabox.
Notion Capital has teamed up with fellow investors Frog Capital and fourteen17 to back London-based Rockabox.
The five year-old business provides distribution and engagement tools for video advertising and is used by companies such as Honda and Diesel.
New backer Notion Capital is a cloud computing and software-as-a-service investor which was set up by the entrepreneurs who set up Star and MessageLabs.
According to a report by eMarketer published in 2012, video is expected to achieve a 14.5 per cent share of the $100 billion digital advertising market – of which Rockabox is hoping to secure a share.
The £3 million it has now banked will go towards expansion into new markets, from its bases in London and Barcelona, as well as investment in its software platform.
Rockabox CEO and co-founder James Booth says that the need to demonstrate return on investment from video content is growing amongst brands.
‘Rockabox’s unique HTML5 technology, helps brands extract the most value from their content by dramatically increasing engagement amongst premium audiences across all devices,’ he adds.
Notion Capital’s backing of Rockabox follows on from other 2013 investment deals including NewVoiceMedia and Duedil. It also scooped Equity Gap Fund of the Year at the GrowthBusiness Investor AllStars awards in September.
Jos White, partner at Notion Capital, comments, ‘We believe the future of internet will be dominated by video, and Rockabox enables brands to exploit the full potential of their video content.
‘The Rockabox team are proven visionaries in the market and we couldn’t be more excited to be involved in their latest venture.’
Before setting up Rockabox with Torie Chilcott, Booth was the CEO of digital marketing services business Tangozebra – and subsequently sold it to DoubleClick/Google in 2007.