New Resources Will Power the Expansion of Spot.IM’s Platform for Helping Digital Publishers Organically Grow the Lifetime Value of Their Readership
Spot.IM, a social engagement and community platform for digital publishers, announced it has raised $25 million in Series D funding led by Insight Venture Partners with participation from Millhouse Capital, AltaIR Capital, Cerca, and Jonah Goodhart, SVP at Oracle. Additionally, Spot.IM has appointed technology and media executive, Itzik Ben-Bassat, as President of the company and a member of its Board of Directors.
The new round of funding comes on the heels of the digital media bubble burst of 2018 where click-based advertising revenue models proved to be futile to the long-term growth of the digital media industry. In the last year, Spot.IM has grown to become the largest Community Platform partner to more than 80% of top-tier U.S. publishers, including Hearst, AOL, Refinery29, Fox News, and more.
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“Our goal has always been to provide publishers with the ability to build a sustainable business organically through their content and community — not arbitrary clicks,” said Nadav Shoval, CEO of Spot.IM. “We are excited by the enthusiasm of our investors and partners for the platform that we’re building. Together, we look forward to shaping a new era for the digital media industry that’s focused first and foremost on delivering the value and experience that readers deserve.”
Spot.IM’s platform empowers digital media publishers with comprehensive engagement and community moderation tools for driving on-site interactions with content. By providing publishers with a more sustainable monetization strategy, Spot.IM’s platform has played a critical role in growing the community and lifetime value of readers for its partners.
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“Pressures of monetization have been poisonous to the digital media industry,” said Itzik Ben-Bassat, President at Spot.IM. “It’s time that digital media companies begin looking beyond the low-hanging fruit of measuring growth by the sheer volume of clicks or impressions, and Spot.IM is the solution for just that.”
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