The FINANCIAL — The European Investment Bank (EIB) has provided a EUR 15 million facility to Kiosked for its research, development and innovation activities in the field of online advertising platforms and software.
This first EIB equity-type transaction in Finland is supported by the new generation of financial instruments for innovative and growth companies “InnovFin – EU Finance for Innovators”, with the financial backing of the European Union under Horizon 2020. “InnovFin MidCap Growth Finance” is a facility specifically dedicated to improving access to risk finance for the research and innovation projects of midcap and SMEs in the European Union.
Kiosked, a global advertising technology company headquartered in Espoo, enables publishers to generate additional revenue efficiently by providing advertisers high-performance, intelligent and programmatic ad placements. Thanks to the EIB loan, the company will be able to accelerate its development efforts to create innovative advertising platforms and mobile technologies for real-time bidding and data capabilities. Part of the EIB financing will also be used for other growth-related investments helping Kiosked to progress on its rapid expansion path. The company’s research and development operations are carried out mainly in Finland and the company plans to increase its number of employees fourfold over the next three years, according to EIB.
Jan Vapaavuori, EIB Vice-President responsible for operations in Finland, said, “Midcap companies have a key role to play in competitiveness, job creation and growth in Europe. “InnovFin – EU Finance for Innovators” joint financial instruments aim to support midcap companies that consistently prove to be particularly strong in innovation. Kiosked, as a fast-growing and innovative technology company with significant growth potential, is an ideal candidate for this facility. We are pleased to be partnering with Kiosked in this breakthrough operation as it will enable the EU bank to support a successful European software company, thus enhancing Europe’s position as a major technology supplier and promoting skilled employment opportunities.”
Micke Paqvalén, Kiosked CEO and co-founder said, “We are truly excited to work with such a forward-thinking partner in the financing sector as the EIB. As the next-generation audience monetisation platform, our aim is to drive significant global growth. We know the EIB genuinely understands and supports our unique approach to delivering a superior advertising performance.”
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