The advertising industry in Benelux thrives on creativity and technology, catering to a vibrant market characterized by innovative firms. This sector includes digital agencies, media platforms, and advertising technology companies, all offering unique solutions ranging from social media marketing to programmatic advertising. Growing demands for data-driven strategies and personalized campaigns are steering the industry towards increased automation and analytics. Moreover, with a symbiotic relationship between technology and advertising, firms are embracing advancements like artificial intelligence to optimize consumer engagement. As the market evolves, collaborations among startups and established players will likely reshape the industry's trajectory.


This list features a mix of corporate, venture capital, and private equity investors spanning Benelux. They range in size, founded from 1958 to 2016, and collectively made over 130 investments in 2024. Headquartered primarily in Luxembourg, Amsterdam, and Antwerp, these investors focus on the advertising landscape with a keen eye on technology-driven startups. Their diverse involvement highlights a robust interest in financing innovative solutions, reflecting trends towards modernization and efficiency in advertising.


Top 12 Advertising Investors in Benelux


1. Azerion

  • Website: azerion.com
  • Type: Corporate
  • Headquarters: Schiphol-Rijk, North Holland, Netherlands
  • Founded year: 2014
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: azerion

Azerion Group N.V. is a corporate investor based in Schiphol-Rijk, North Holland, Netherlands, founded in 2014. It operates as a digital entertainment and media platform that provides advertising solutions while managing a diverse portfolio of gaming content. Azerion serves a wide range of stakeholders, including advertisers, digital publishers, and consumers, by facilitating connections through its proprietary technology and extensive gaming network. Notably, Azerion has made significant strides in the advertising industry through various acquisitions. In 2023, it acquired Hawk, a French digital advertising technology platform, for approximately EUR 7 million, aiming to strengthen its position in the digital advertising market across France, the UK, and Germany. Additionally, the acquisition of Goldbach Audience Austria marks a strategic expansion into the DACH region's digital advertising market, enhancing Azerion's expertise in various advertising channels. Other relevant acquisitions include Keymobile, a Swedish mobile advertising company, and Strossle International AB, a content discovery platform, further solidifying Azerion's commitment to enhancing its advertising capabilities.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB serves both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, the EIB has been involved in significant transactions within the advertising sector, such as leading a $30 million Series B funding round for Kiosked, a Helsinki-based global advertising automation platform, aimed at accelerating development and sales. Additionally, the EIB has participated in debt financing for other advertising-related companies like DPG Media, DanAds, and Acast, further showcasing its engagement in the advertising industry.


3. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions in the advertising sector, CVC acquired a majority stake in Aleph Holding for $470 million, valuing the company at $2 billion, which highlights their commitment to the digital advertising landscape. Additionally, they participated in a secondary market investment in Mediaocean, a key player in advertising management solutions. These transactions, along with their acquisition of Nine Entertainment, which operates in media and advertising, showcase CVC's active role in the advertising industry.


4. Prime Ventures (VC)


Prime Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 1999. The firm specializes in backing technology leaders across Europe, providing funding and strategic support to help startups and technology companies scale their operations. With a focus on innovation, Prime Ventures partners with a diverse range of tech companies to drive growth and development in the industry. Notably, they have invested in AppLift, a mobile games marketing platform, which raised $13 million in a Series A funding round to enhance its marketing and monetization capabilities. Additionally, they have supported Zappi, which raised $14.7 million in a venture round in 2016 and $8 million in a growth round in 2019, both aimed at expanding its market research services. Furthermore, their investments in Falcon.io, a social media management platform, also align with advertising technology, as it provides tools for brands to manage their online presence effectively. These transactions illustrate Prime Ventures' active role in the advertising and marketing technology sectors.


5. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. With a focus on empowering startups in Europe and Israel, they provide both financial support and strategic guidance to entrepreneurs. Notably, Mangrove has been involved in significant transactions within the advertising technology sector, including investments in OpenX, where they participated in multiple funding rounds (Series A, B, and C) aimed at expanding advertising technology products and services. They also invested in Openads, which raised funds to support a large publisher community. These transactions highlight Mangrove's engagement in the advertising industry, alongside their broader focus on technology sectors such as digital health and education tech.


6. Cipio Partners

  • Website: cipiopartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cipio-partners

Cipio Partners is a Luxembourg-based venture capital firm founded in 2003, specializing in European growth capital and minority buyouts for technology companies. With a team size of 11-50, they provide financial support and strategic guidance to help businesses scale and prepare for liquidity events. Their investment focus is primarily on technology firms with proven business models and significant revenue, particularly in the software and B2B sectors. Notably, Cipio Partners has invested in companies relevant to the advertising industry, such as Zappi, which raised $8 million to expand its market research capabilities, and Blackwood Seven, which raised over $19 million to enhance its advertising analytics platform. These transactions highlight Cipio Partners' engagement with firms that contribute to the advertising ecosystem, reinforcing their relevance in this sector.


7. Newion


Newion Partners is a venture capital firm based in Amsterdam, Netherlands, founded in 2000. They specialize in investing in early-stage technology companies, particularly in the business software sector, and provide capital, expertise, and support to help these companies scale and achieve market leadership. Newion focuses on businesses located in North/West Europe and aims to assist in transitioning from initial market validation to broader market success. Among their notable transactions, Newion led a €2 million investment round in Objective Platform, a company providing marketing measurement and optimization software, and invested in Passendo, an email adtech company that raised €2.3 million in a pre-Series A round. These investments highlight Newion's active role in the advertising technology landscape, showcasing their commitment to supporting innovative solutions in the advertising industry.


8. VentureFriends

  • Website: venturefriends.vc
  • Type: Venture Capital
  • Headquarters: Netherlands
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 8
  • LinkedIn: venturefriends

VentureFriends is a venture capital firm founded in 2016, based in the Netherlands, that specializes in early-stage investments in startups. The firm provides financial backing and strategic support to ambitious founders, particularly in sectors like FinTech and PropTech. Notably, VentureFriends has invested in several companies within the advertising space, including AdEspresso, which raised $1.4 million in Series A funding in 2016, and Influ2, a person-based advertising platform that raised $3.4 million in seed funding in 2020. Additionally, they have supported Project Agora, which raised funds in both seed and pre-seed rounds. These transactions highlight VentureFriends' active role in the advertising industry, showcasing their commitment to helping businesses grow and succeed in this sector.


9. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, focused on enhancing everyday life through technology. Founded in 2019, the firm has a diverse portfolio that spans online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has made significant investments in the advertising sector, including a $30 million Series A funding round for Superside, a startup that provides design operations services essential for advertising. Additionally, Prosus invested $5 million in Advolve AI, a company that leverages artificial intelligence to improve advertising strategies. These transactions highlight Prosus's commitment to supporting innovative companies that contribute to the advertising landscape, alongside its broader investment strategy.


10. RTL Group

  • Website: rtl.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: rtl-group

RTL Group is a leading media company based in Luxembourg, founded in 2000. With a workforce of over 10,000 employees, the company specializes in television broadcasting, streaming services, and advertising solutions. RTL Group serves businesses across Europe, helping them connect with audiences through high-quality content and advanced advertising technology. While specific transactions for 2024 are not available, the company's focus on advertising solutions suggests a commitment to the advertising industry, positioning them as a significant player in this space.


11. Endeit Capital


Endeit Capital is a venture capital firm based in Amsterdam, Netherlands, specializing in growth capital investments for European tech scale-ups. Founded in 2006, the firm focuses on sectors such as AI, fintech, and climate tech, providing strategic support and portfolio management to entrepreneurs. Notably, Endeit Capital has made several investments in companies relevant to the advertising industry. For instance, they invested in Blis, a provider of location data technology, which is crucial for targeted advertising. They also participated in funding rounds for Improve Digital, a company that specializes in digital advertising solutions, and Smartclip, which focuses on video advertising technology. These transactions highlight Endeit Capital's engagement in the advertising sector, alongside their broader investment strategy in innovative tech companies.


12. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across diverse sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv has made significant investments in the advertising sector, including a Series B investment of $30 million in Teads on January 13, 2015, and an earlier investment of $25 million in the same company during a venture round on August 31, 2011. These transactions highlight Gimv's active role in the advertising industry, particularly in digital advertising technology, showcasing their capability to support entrepreneurial companies in navigating market challenges.



Advertising Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
Prime Ventures (VC)Amsterdam, North Holland, Netherlands11-5019990
Mangrove Capital PartnersLuxembourg11-5020005
Cipio PartnersLuxembourg11-5020032
NewionAmsterdam, North Holland, Netherlands11-5020006
VentureFriendsNetherlands1-1020168
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
RTL GroupLuxembourg10001+20000
Endeit CapitalAmsterdam, North Holland, Netherlands11-5020061
GimvAntwerp, Flanders, Belgium51-20019808


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