Award-winning Hull-based video advertising company Ash TV has secured an additional £200,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The latest funding round will allow Ash TV to further develop its video advertising platform and recruit additional programmers. It follows an initial investment from NPIF – Mercia Equity Finance last year.
Founded in 2016 by Ash Lewis, Ash TV has developed a novel in-browser video advertising platform for mobile devices. The technology is supported by artificial intelligence (AI) software to target advertisements using location and social media data, and provides real-time feedback to clients on the effectiveness of their campaigns.
Ash TV, which was one of the winners of the 2016 Northern Tech Awards, now employs a team of eleven people in Hull, Germany and the Netherlands, while the platform is increasingly being used by heavyweight agencies, publishers and advertisers.
Simon Crabtree, Investment Manager with Mercia Fund Managers, said: “Ash TV’s platform allows advertisers to stream video directly to people’s mobile phones and increase sales by targeting and engaging the audience more effectively. The company has been growing rapidly, with new clients coming on board every month. This latest investment will allow Ash and his team to further enhance its platform and increase capacity as they continue to scale up the business.”
Ash Lewis, founder and CEO of Ash TV, said: “This is a planned, welcome next stage in the growth of Ash TV, the financial opportunity from which has already allowed us to appoint three full-time senior developers, whilst also creating the scope for more growth.
“It is not only an affirmation of the Ash TV business model – it also goes some way to showing the robust nature of the Tech scene here in Hull and across the North, where we’re proud to be part of a Northern Powerhouse that is living up to its name.”
Mark Wilcockson, Senior Relationship Manager at British Business Bank, said: “Ash TV has achieved strong growth following the initial investment last year, and we are pleased that Mercia has continued to support the company and its talented team in its next stage of development. The company is a prime example of how NPIF funding is making real differences to businesses across the Northern Powerhouse region, and we look forward to our fund managers continuing to deliver further investment to support job creation and business growth.”
Phil Glover, Growth Hub Programme Manager for the Humber LEP, said: “I am delighted that Ash TV continue to get the financial support from the Northern Powerhouse Investment Fund to enable them grow. I am equally delighted that the Humber Growth Hub was able to provide the initial link to the fund. Ash and his team are pushing the boundaries in tech development and I am sure they will be our ‘Scale Up’ stars of the future.”
Gareth Saynor and Caroline Walker of CMS provided legal advice to Mercia on the investment.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.