Cavai, an Oslo, Norway-based conversational ad tech company, raised £6.5M in Pre-IPO funding.
Backers included Investinor and Idekapital, as well as FirstPartyCapital. In conjunction with the funding, Alex Rahaman, London based Partner at Idekapital, will join the Cavai Board.
The company intends to use the funds to bolster its offering in existing markets, develop its product portfolio, and expand in the US as it gets IPO-ready.
Founded in 2018 by Steffen Svartberg, CEO, Cavai provides a platform focused on privacy-by-design, conversational advertising and in-ad ecommerce functionality. The company, which now has over 60 employees globally, with offices in Oslo, Stockholm, Helsinki, Copenhagen, Amsterdam, Munich, London, Singapore, Barcelona, Toronto and New York, is developing user-centric marketing solutions which enable one-to-one dialogue with consumers across a variety of formats, including video. Cavai will also be launching conversational ecommerce solutions which will integrate with local payment solutions providers and enable in-ad purchases.