Hull advertising company secures additional £200,000 funding
Ash TV, a Hull-based video advertising company has received more funding from the Northern Powerhouse Investment Fund.
The firm has been awarded £200k, this is in addition to a separate “significant” amount from the same source in July last year.
That first round was to hire additional staff and support its “ambitious growth plans.” This latest cash, will be to develop its video advertising platform and recruit programmers.
“Ash TV’s platform allows advertisers to stream video directly to people’s mobile phones and increase sales by targeting and engaging the audience more effectively,” explained Simon Crabtree, investment manager with Mercia Fund Managers.
“The company has been growing rapidly, with new clients coming on board every month. This latest investment will allow Ash and his team to further enhance its platform and increase capacity as they continue to scale up the business.”
Founded in 2016 by Ash Lewis, it uses artificial intelligence to target ads using location and social media data.
It employs a team of 11 people in Hull, Germany and the Netherlands. In January it appointed former Tech North director, Richard Gregory as its chairman.
“This is a planned, welcome next stage in the growth of Ash TV, the financial opportunity from which has already allowed us to appoint three full-time senior developers, whilst also creating the scope for more growth,” explained Lewis.
“It is not only an affirmation of the Ash TV business model - it also goes some way to showing the robust nature of the tech scene here in Hull and across the North, where we’re proud to be part of a Northern Powerhouse that is living up to its name.”