German startup TVSmiles picks up $7M in Series A funding
TVSmiles has raised $7 million in its first funding round led by Ventech. The German startup said it will use the investment for the international expansion of its market reach, according to TechCrunch.
German Startups Group, e.ventures, Bradenburg Ventures, Magix, and other angel investors also contributed to the Series A round, the report added.
Chief Executive Officer Fredric Westerberg shared his plans for the company: "We are very happy to have won leading international investors for the A-round. This year we'd like to establish TVSmiles as the default second-screen advertising platform for all TV advertising companies and use the additional capital to launch the first international markets."
Founded in January 2013, TVSmiles tracks the TV ads being watched by consumers to determine the appropriate content to be pushed to the phone. Once the customers interact with the fund, they gain a digital currency called Smiles which can be redeemed from selected retail shops around the country. To date, more than 50,000 Smiles have been redeemed by TVSmiles app users, TechCrunch reported.