In-game advertising company Bidstack has raised circa $11m (~£9.9m) through its latest funding round, stacking its total funds to approximately $42m (~£38m) to date.
The funding round, led by cybersecurity provider Irdeto, will be used to accelerate Bidstack’s commercial execution.
Specifically, Irdeto’s $6m (⁓£5.4m) investment will be utilised to support three focus areas: Bidstack’s expansion plans in the US; the rollout of technology licensing opportunities, and opening up its offering to net-new customers.
Part of the MultiChoice Group, Irdeto has now become Bidstack’s first-ever strategic investor, taking a ⁓14% stake in the business after evaluating the in-game advertising market. In 2018, the company also acquired gaming security company Denuvo, whose current customers include Electronic Arts, Ubisoft, Warner Bros, Lionsgate Entertainment, and Football Manager.
Featuring a roster of global publishers and platforms, Irdeto’s investment could also unlock significant opportunities for business development for Bidstack. On the other hand, Irdeto will also seemingly benefit from capitalising on Bidstack’s monetisation strategy, which is through advertising within video games
Bidstack has shown a lot of potential since its last injection of capital in July 2021. To lead its push in the US market, Bidstack appointed Jude O’Connor as its new Chief Revenue Officer. He is currently tasked with scaling the company and educating the US market on Bidstack’s in-game technologies.
In addition, as part of its contract with entertainment and media platform Azerion, Bidstack has also managed to expand its footprint into other key markets, such as the UK, Germany, Nordics, and Belgium, among others.
The company has notably teamed up with football club Norwich City for its esports brand 1J Esports, becoming the club’s first esports partner. Both parties recently extended their partnership, with Bidstack’s logo now outfitting the team’s jerseys.
