Genero, the creative technology platform which already counts Ashok Jacob’s Ellerston Capital on its register, has added $5 million to its coffers in an Ad Astra-advised funding round, Street Talk can reveal.
Melbourne’s Acorn Capital, which specialises in emerging companies, delivered the cash injection from a combination of its private opportunities and expansion funds in an effort spearheaded by investment director Andrew Burt. Proceeds of the raise will be used to turbocharge Genero’s global growth and develop its technology platform.
Genero co-CEOs and co-founders Mick Entwisle and Andrew Lane have worked with some of the biggest names in music.The company has 150 customers, including L’Oreal, Procter & Gamble, Kellogg’s and media giants Meta, Google, TikTok and Amazon. It has also worked with major record labels to produce videos for Alicia Keys, Muse, The Temper Trap and Birds of Tokyo.was scuppered after management elected to avoid dilution. Acorn’s Burt will join Ellerston analyst Anthony Kirk on the Genero board.
While Genero was tight-lipped on its latest financials and valuation, an investor presentation seen by Street Talk in 2021 said it had generated revenue since 2015 and forecast $31.1 million revenue for 2022 and $52.6 million by 2023. Media and marketing industries are in a softer period asHowever, video is growing as a proportion of advertising spend as the likes of TikTok and Instagram rapidly grow their share of the pie, driven by a surge in vertical video consumption on phones.
Ad Astra Corporate Advisory advised on the capital raise and has been in and around the company for years. Genero sits next to Acorn’s other portfolio companies including RV booking business Camplify, technology company Marketplacer and car hire firm Splend.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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Source: FinancialReview - 🏆 2. / 90 Read more »