Independent connected TV advertising delivery and measurement platform Innovid and ION Acquisition 2 today announced an additional $50 million PIPE from a group of existing PIPE investors to support the companies’ pending merger. The additional funds are on the same terms as the initial PIPE financing, bringing the aggregate amount to $200 million.
Announced in June, the transaction implies a pro forma valuation of approximately $1.3 billion for Innovid, which has also secured approximately $150 million of PIPE financing anchored by Fidelity Management and Research Company, Baron Capital Group and others including funds affiliated with ION and Phoenix Insurance. Ion 2 raised $220 million in a January IPO.
If approved, Innovid will trade on the NYSE under CTV. Read more.
