Videology have secured an $80 million international credit facility with FastPay, a financial technology company that provides lending and payment solutions to digital businesses, along with Tennenbaum Capital Partners, LLC. Videology is a leading, global converged TV and video software provider with offices across the United States, Europe, Canada, Asia and Australia.
As the amount of VC money coming into ad tech has slowed, Fastpay’s credit facility has proven to be a popular option for many ad tech businesses who need to improve their cash flow. In the past Fastpay have worked with various other ad tech companies in the industry, including Improve Digital ($15 million), Fullscreen ($15 million) and Altitude Digital ($30 million).
Videology, founded in 2007 under the name Tidal TV, was one of the early forerunners in video advertising. The company has raised a total of $121 million to date, and investors include Catalyst Investors, New Enterprise Associates and Comcast Ventures.
The new funds will be used to expand Videology’s advanced TV business, which has led the company to become more deeply involved in the sell-side of the industry than they were before. Videology won a much-prized contract with Sky on their advanced TV platform, which may well act as a Trojan Horse for the company to work with other broadcasters and pay TV operators. Liberty Global, a pan-European pay TV giant AdSmart, have already announced they intend to use Sky AdSmart, and Channel 4 are widely rumoured to be interested in using the technology.
